CHUY - Earnings call 4 2023 | Chuy's Holdings, Inc.

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Operator

Good day, everyone, and welcome to the Chuy's Holdings Fourth Quarter 2023 Earnings Conference Call. Today's call is being recorded. [Operator Instructions] 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.

Jon Howie

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

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

to like quarter May that Looking our I'd way, X, ahead, the and Chuy's CEO, after Steve. President XXXX Thursday, out the XXXX release we market closed. With call over to earnings the on to plan first turn of of

Steve Hislop

joining Jon. for and We Chuy's accomplished revenues restaurant comparable XXXX. Good everyone, driven the sales am X.X% on of by thank almost afternoon, has during today. you approximately of what X.X%. grew you, proud call Thank I us

strength XXXX shareholders our ongoing by model. Our result million to best in XXX-basis-point on ability among margins team's repurchases approximately finally, of through $XX.X to in best XX%, effectively excluding share enabled we the industry. representing our And over operating COVID-impacted X-wall a to the resulted operations and execute our in the expansion returned decade, over of our the restaurant-level a

to issues with we and the do country Starting weather has menu in will weather initiatives provide continue value. on sustainable and the let our to that, As an impacted that has these long-term scratch food well me drinks the growth we look from top in near-term made place some we industry profitability with believe drivers. provide to Despite positioned do incredible innovation. restaurant what across we growth line us challenges. With January, fresh, best at put we update ahead, guests to drive our

mentioned we platform fourth guests. we quarter, it with our to how the barbell call, approach were on we As our was CKO received introduced during very first and the our pleased last well by

In fact, to date. most campaign Chuy's was this our second Knockouts successful

feedback Following we the and Shrimp Pig with along our Macho this to as items with our the adding early with and thrilled continues item, Burrito. new Cheesy next are well to menu our introduce CKO including with bisque added CKO were a Enchiladas and several menu, permanent new exciting to returning offering, the reintroducing in plate be the Nachos as guests. Alongside Bowls. late Crab CKO appetizer success, positive Again, our resonating to recently Burrito CKO guests Lobster sauce we both January iteration & higher-priced menu

year our to a back Chuy's menu menu. restaurants. that platform help bring recall, tool guests a our menu to only menu of and and innovations them were how of to drive well guests last created to optimize further we the traffic Bowls Burrito reflection you exciting second CKO the our a Knockouts this us of during demand is but platform permanent If and not our XXXX Bowls quarter our addition regular Burrito our performed high introduce from third to a new also is to part to

year. delivery XX% another with also mixing quarter, to increase our at at performance approximately at We a approximately strong the delivered XXX-basis-point mixing perform last continuing channel well off-premise XX%, during from

to roll by to quarter. complete are the end the of this out In our the and platform of continue rollout to first ezCater restaurants on terms catering, we track

quarter. currently is channel for the catering our -- channel at X.X% Our mixing approximately

believe to and will our X% continue be at total of sales between contributing we sales. our X% XX% forward, least with off-premise channel catering of Going

quarter are highest next quarter believe fourth in our catering, we catering for the XX over our see we typically channel long-term encouraged targets can by we is achieve months. the the While and mixing continue the to growth

promotional initiatives, emphasis and In from been and offerings terms made unique overall of believe offered and experience Instagram our heavy YouTube at Chuy's of TikTok, food an through current marketing end, incredible to content, optimize DoorDash will campaigns with scratch Uber. value every organic from CKO advertising marketing to we that our restaurants. communicating media at Google, unique our continue the to and the defining in approach drink influencer effective video To we and on use advertising put differences our has digital our including Facebook, and

addition, we on live during spot connected sports Madness. targeting include programmatic TV March In some events will

me update plan. let development our on Lastly, you

X During year. new this during total the our restaurants count opened of bringing fourth -- opened new in one with restaurant XXXX, opening quarter, the fiscal XXX we restaurant Texas, Terrell, end of successfully to as

into a between As continue to and robust restaurants open our primarily awareness. brand core with to new a in to where markets is with AUVs high we concept goal look pipeline proven focused have XXXX, X we X already

Jon in to expect of quarter opened this results CFO, over call I'll first New our that, Howie, now Braunfels, greater of our X first in the location fourth to We year, the open half restaurants week. With Texas, the the discuss our in including to turn year which detail.

Jon Howie

the to quarter for in quarter last XX.X% compared $XXX.X Revenues $XXX.X fourth the million Steve. Thanks, same million increased year. to

revenue. $X.X week of weeks XX XXXX million with contributing As in quarter We of a weeks to our compared extra fiscal XXXX. reminder, included fourth about XX the operating

Effective was as had to In total, sales XX-week weeks restaurants new versus fourth sales increase quarter during restaurant operating quarter weekly additional XXXX as the comparable by increase from the in year addition primarily pricing X.X% X.X% restaurant decrease well by approximately customers. comparable Comparable and XX% the off-premise check, average week, basis, opened sales X%. X.X% [ were a our XX quarter of a XX weeks the to fourth growth to for driven by a of compared as in quarter (sic) approximately subsequent the ago. operating was increased approximately in XXXX. In of extra total in X,XXX offset ] partially driven on year revenue fourth a XX% the average operating we last

of to a Turning to year. fourth Cost basis as of as our revenue compared commodity sales percentage taken on deflation X% quarter prices to approximately leverage of driven expenses. subsequent overall the menu last as XX.X%, well by decreased to last year XXX of points

primarily commodity labor inflation year. Labor to fourth revenue to as of XXXX, X% expect hourly to into the in inflation Looking in quarter as we increased due a partially hourly low cost percentage basis digits approximately points XX.X%, offset for currently single last the restaurants as year. price improvement taken well the was level. comparable of This incremental increase menu our at labor subsequent of staffing by XX

of XXXX an to XXXX. Operating charges of fourth repair costs, utility expecting costs costs and increase higher percentage partially increased insurance quarter year. General million million, for period as in $X.XX restaurant mid-single the quarter basis the diluted currently increased inflation diluted summary, bonuses fourth net from the share driven last in digits same G&A increased or to income administrative mainly a million are X.X% year, same same an period of in compared salaries and in X.X% delivery labor last maintenance as performance-based from expenses the $X.X share to $X.X for of points offset XX from or and delivery last revenue XX.X% $X.X higher increase year. In service to the to fiscal and per higher by We period per during was revenue, driven sales, management by compared and $X.XX by in lower as year. million last percentage $X.X a

fourth that was into in of for year. diluted in costs or XXXX account, $X.X compared or diluted impairment, closed $X XXXX, we share During in $X.X $X.XX per income to per the adjusted Taking diluted quarter per the same million, to per the share $X.XX or other restaurants $X.XX fourth the last period share of $X.XX period same diluted million share year. net million incurred million and or compared $X.X quarter last

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

XXX,XXX million. quarter for common a our $X.X shares of the total of purchased approximately stock also during We

For for a XXXX, stock our year we of total of XXX,XXX shares full purchased common $XX.X the of a million. total approximately of

XX, you outlook with we will million As that, of $XX under program, December for on XXXX, we provide XXXX. With December had million following expire our $XX.X remaining now the will which XXXX. XX, repurchase

$XX million Steve. million effective annual on $XX $XX for X annual are XXrd of to call diluted of million, that, week $XX approximately the expenses I'll EPS out is new of X currently based assumptions. million, $X.XX part tax XXXX over approximately after XX%, about of net of million, in This XXXX. preopening XX.X capital as XX% to $XX.X to turn of expecting We following $X.X shares rate approximately million of weighted to and of the million annual adjusting outstanding [ restaurants, (sic) million EPS restaurant ]. With expenses adjusted to expenditures $X.X back to G&A the adjusted $X.XX $X.XX to to compared

Steve Hislop

dollar with and thank to none Jon. accomplishments their growth thoughtful answer of well believe earning growth whom long-term a the excellent and well operational been the team us, XXXX to questions. goal our resonate X-wall happy I'd opportunities demonstrate beyond. In that, single dedication would any member capital of our with our positive an like these closing, We continue have maximize focus every guests. on allocation, unit capitalize to to hard on are work Thanks, momentum excellence in Chuy's results Combined value possible. With our day to we're and positioned our with for to ahead of that without shareholder pipeline every we

Operator

that Instructions] from we comes Tarantino Baird. The first [Operator question from David have

David Tarantino

know mentioned in a first have elsewhere. what And with update questions. question give I from if that that. the know I seen an how you a got related I comp the follow-up quarter. quarter. and running kind on of seeing maybe in a first could start perspective you you're to I'll some you're But on I've us we've challenges, Steve, the couple then of

Steve Hislop

X% to one, weather about an not year And X% period in little than down the percent second in a little against enormous us -- bit approximately situation that cost started off the up that it's also but like there. we're had probably into full that rolling sales. around better right tough period. Obviously, of of a up, we've Yes. match a But we

David Tarantino

year or maybe wanted Got unpack question And is some a just real I expecting. the same-store in performance are it. earnings on this could just And on And bit were guess the year. guidance earnings for you in assumption the we perspective for sales embedded sales on maybe came to below if weighing factors some then what that Jon, I then guidance? is the what the give of your I had in particular,

Jon Howie

second the up when said, to challenging lot first get rather of Sure. X% to Like the we've that, Steve flat. at looking make that the down, around and a we're about mean period, sales X/X was so to I X/X got period up you're to

So rollover based kind Uber now, comprised basis we're been that we've year of about last the and that especially upon total right points that expecting, sales. what of about, of XXX talking

And implementation by so of going full over start this to the that rolling we're quarter. end

of we're year total the X% so for looking in flat kind sales. to at same-store And up

X% negative with traffic shy of We're going obviously, of that X% in X% approximately -- just into -- X% have in to our X%. negative that traffic that. pricing about to Now

last if on being week that go year, from that that some big that next with it this staffed takes the to have walk end this right? week through and items changes, get about as concerned. immediately forward $X.XX of the year. the from in year Also, a to I far were year down staffing extra extra by getting is our is of obviously We the So as said, in won't EPS we $X.XX, $X.XX that fully

the over And year. so that's into cost rolling is that current now extra rolled

not labor, now inflation staffed. only to X% we'll so have fully in X% of And but

last new probably points openings flow then kind from we're of anywhere store if the that's XX to impact openings, X the to to loss talked we you going So XX that the there. And to versus trying store new the changes, of ramp margin basis the XX attribute about, up year. looking of through

the the as cost as added and to that costs investment inefficiency a balance, in of a your amount as income So getting were going be portion well sizable well is well. openings larger as in preopening in as decrease interest we

is decreased with balance, and another So probably that to store we or down itself $X.XX and a new expect $X.XX openings be the $X.XX. $X.XX about in of to

those are the items. So big

Operator

Andy question Jefferies. we next from The have of comes Barish

Andrew Barish

releasing just a Is the stepped number that what's address system from cost? X% occupancy up of cleaning leases last for and few just you getting really now the in from down sort That that of like things the out some can kind Jon, while. of and over years?

Jon Howie

Andy? you the quarter, fourth in Are talking

Andrew Barish

yes. I am,

Jon Howie

Well, the the that is -- extra Andy, is a week of occupancy. totally quarter. leveraging lot that, That's that in

Andrew Barish

Okay.

So X.X%, X% in no the fundamental That's somewhere going change. still forward. range

Jon Howie

Yes.

Andrew Barish

secondly, of should as e-sights. think it the data been then core honed I sort your just development lot mean then been And is And updates? area. markets? And stores in about year think of still any obviously, Austin about kind volumes of and strategy has thinking with Braunfels we be Okay. anything you points, hasn't New fine-tuned but I first a with the these

sales about And while, more a have it as you're thought transfer think in year or that Austin you haven't I maybe I one well. but expecting impact from any So this openings?

Steve Hislop

we at the at that actually to any sure it Yes. in of the and that has been that, couple much ones cannibalization, has would last on that make X% years anything looked expectations. better that we Andy, under did at the with when at look it of looked and than look e-sight we kind

New San south. down and it's on Anton going Braunfels between -- as here is halfway

expect San which that's miles about store, them. store, -- and So either between we from don't Anton the our San it's is in of Selma XX one in Marcos our

our we're be really to opening at what looking in we states have over that definitely obviously, there. Obviously, excited it, where the X this million. next be $X.X to think than very, going are we going you're AUVs, we're excited, pretty to strong, currently that So strong as mentioned, opening, higher is which about that we do X to minimal, AUV, it's X lot a are and and we're and years. We're AUVs roughly going year system-wide when at we're good very stores,

pickup You'll in XX% in to $XX I a see XX% the that probably $XX states at. million to states -- X will million looking of the we're mean,

So we X X about our real the X over comfortable to to years. growth next feel

Andrew Barish

it. Good catering. of day on fully Is kind one lunch final, and how you're it. primarily And then hear. I've I just That's ezCater that of to ezCater, part. but aware may seen Got where not the using be

Jon Howie

Yes, Andy. I think that's right,

of lunch. a expect We percentage from larger that coming

XX to you QX. get as -- we As about of them that rest on right know, by hoping now. we've end We're the got stores the of

million Just to store. give that about under shy you week an indication, per a last year, we platform, did X,XXX about in $X.X of just

And so looking first quarter. running that the get we're to and in up

Steve Hislop

excited to actually Yes. offices. to that go back as And people about we're their continue

Operator

comes The Vaccaro Brian next from we have Raymond question James. from

Brian Vaccaro

compared changes your noted the through of to quarters? and might impact, quarter-to-date any seen but it the months or you weather or think in behavior you do couple recent the be that on tough parse change a you've a in Just you've ask, in patterns demand as order trends underlying prior

Jon Howie

attachment really, kind mean in to lower I we area. the of rates Brian. bar Not see continue

We are time kind appetizers, attachments with we're the and of little really due what happy doing a in during to Chips our seeing that's hour frame Dips 'n' the program. higher

So seeing back that a little but are a that we discounted program. bit, come is

better. And slightly are the so attachment dollars better, rates definitely are the but

Steve Hislop

to through even are the pre-COVID those at we're very over to seeing very, And mix dinner, and lunch a still XX-XX back -- even last consistent. COVID mix similar a staying

Jon Howie

that fairly as off-premise from still percentage. consistent we really, said the And to-go, is a earlier, staying

Brian Vaccaro

Okay.

down of February you a made Okay. in think a you of And decline around half comment said the Jon, January. X% I on

I or... to down way -- wanted in understood was that mid-Xs it make just the some sure I So

Jon Howie

Yes. Yes.

Steve Hislop

again, over And is Uber. the rolling for that the yes. number key -- there of us implementation Yes,

Brian Vaccaro

Right, Understood. right.

I commodity favorability? some the Okay. what color then, the expected, wanted in kind deflation side. Jon, And The was that just on on than think, I more much that just provide margins, quarter, you to ask of significant saw drove on you could fourth you

Jon Howie

look it here more was things big continuing it here. and chicken X were we than items at I a the if in A down lot and produce were pull just second dairy cheese, -- up -- and expecting. Yes. It's the big -- continuing lot those of Yes, items, I in continuing it was came

Brian Vaccaro

think differentials said the Is relatively I about for And or digits in the year-on-year we there should single low you mindful XXXX. or Okay. lumpiness of thinking year quarters any stable through be the year?

Jon Howie

it's we're the fourth -- quarter relatively be flat going probably to looking If Yes. in third would in flat say quarters. mean, that, I highest I with then and start and first the fourth at our growing quarter --

Operator

Aisling we Grueninger question comes next Piper have The from from Instructions] [Operator Sandler.

Aisling Grueninger

last in wondering how if increase would measurable on to ad going going XQ influence period. an saw you spend mentioned I'm were much XXXX? going that time points to ad spend the You spend traffic any that during increase your the or earnings from into other the you call in you're just just decision

Steve Hislop

a But on We a the so We and And things just that a of it of do we forth X.X% anticipating and ago. much ad about and Google, channels a about, will spend we'll programmatic in stay from the still what we the those be what were excited but mentioned on weren't Yelp TV year consistent a more most with I be and just spend. X.XX%, our we're YouTube, reallocation so lot I in reallocate and earlier. XXXX and very that call, excited reallocated major percentage-wise really of But did the didn't little in it because as spend roughly social will to mostly it is increase we marketing cash range, lot. throughout normal that on bit mentioned Yes. XXXX. know for

Aisling Grueninger

great. That's

know ability XXXX. growth return a to you your that You mentioned in ICR in at to were XX% confident unit I

done real team seen support this in is Just that? far your so or this just and you what confidence the year goal estate to reaching have

Steve Hislop

as master We're system. as ground Yes. confident our what the broker very doing on with far we're

there. our we with sites over got ever the couple next probably as been. than so But good it's of And years pipeline is

the about million pretty, down doing have of started developers The cost, So development about that they we're excited $X site which pretty aren't XX% XX%. is cost. Also that. the the yet. to not is excited top not coming but we're moderated, on up anymore thing They've cost. They're

on in our dollars So inside I walls doing that's looking going value a and the going on. that Also cash basis be we're make with you're and XX% with on X thing that engineering hardest that's the disappointment at sure daily everything looking it. we're going people we're working increase. to and the cash, at you're our But your think to when

Operator

The Nick comes question next we Securities. from Wedbush have from Setyan

Nick Setyan

XX So guess, of It gave buckets? I sounds the labor, slightly already the maybe think the various the deleverage maybe the the XX to context XX, you leverage, of way like as well. deleverage sort bps that right more about just margin, COGS bps kind to of us. and Is operating of of XX given trajectory, kind

Jon Howie

Yes.

would is probably I from sales digits, thinking a standpoint X%. are as kind cost which far flat think we're the I which the with thing to at of single of looking -- X% only being add our we're as low in

would pricing our cover basically, so And that.

but much not the expenses, far probably said that as you there, and deleveraging the other labor operating yes. over deleveraging as items So

Nick Setyan

some walk have us through come other of of we to the Lyft. period sort comp the drivers I Maybe X, do Okay. of the just challenges, period the to And X over mean then kind for of understanding year. rest Uber,

Steve Hislop

marketing mean we one out Yes. again, on already is everything what comp value our competitive XXXX is, I haven't done their are you've a I've that our pushing the thing our price menu. said, promotion drivers for we're out years. know for mentioned, that the all obviously, us within I to doing seeing lot have there the of ways And and going of and their offs. there X back been that The they

in out. We $XX. back market and in fourth day in the you to people quarter of eat So all we because don't third do when that, the can menu that need are our trying pop last they for obviously, long think year,

do all as pretty we're CKOs what And we and fresh. doing whether mentioned again. and had so a excited we shift, to different silver the a be message do key single demand earlier, it we everything and I that's is our that we there then a little every we what X believe the out few pushing this to is, bit approach. day, going turtles that single tuck value in our and the every walls drive that And thing long to execute, we want our want back about is to So new we the on increases and believe, menu, And single term. items we're forth. And -- really everybody Bowls that's restaurants hour. And in bullet, with right for Burrito execute while and every what our we're keeping what's added we really now is the also looking things into short for when

Jon Howie

get X And compare the we but scores that Nick, increasing. look on last those with a with necessarily and sentiment make might compare the are others, of we months. that, scores sentiment you I don't those sure seen significant it add, Box over We've and it betterment Black ourselves from we at

sales into of the the we scores sentiment year. towards I in as will turn those to increase continue back So half think the

Operator

Stifel. comes O'Cull The question next Chris have from we from

Christopher O'Cull

paid Just improve the and in company good awareness. more more help traffic whether recent and top-of-mind could even to performance, have markets I'm curious where if media spend maybe the year use this debated you just given it maybe advertising density on

Steve Hislop

you know, that dime. We're we're digital partly, on that's continuing. always a on And of can you approach about pivot one nimble very and Chris, the we'll thing lot on. at looking marketing within our is Yes. that at that budgets, as look and a

we'll to as and going looking that constantly right look on at now. we're at we're continue So that,

Christopher O'Cull

TV consider in you like markets? broadcast, things like Would certain

Steve Hislop

-- a mentioning sports, we talk lot TV me to of on at and And more we're certain so you in programmatic around of as probably as you now, lot look doing stuff especially in programmatic a into it, it definitely ones we media. Right we'll were -- about but the about now, call not forth. so March ESPN side heard probably as the on on currently. But right Madness looking and major get more

Christopher O'Cull

single-digit Jon, you inflation Okay. can visibility year? have And for describe commodity low you that this the then, into

Jon Howie

Sure.

be mean, the component biggest I would our beef. So

Our beef, as the We we third in this through as will beef. we've as increased locked our in only far got QX at beef, well locked compared of QX, quarter the year. this have to through be those that the are fajita year prices start as ground buying elevated after prices when of we expect that

bit And so well, chicken some those maybe big we -- last year. as coming of as are -- little two much drivers so had it the it since back down since the a was the well as

Operator

[Operator Brooks of we Instructions] Todd Benchmark question from Company. next The The comes have

Todd Brooks

of And this those saw in that that we I are the here. mothballed those closures only were the update an quarter, pandemic. One, think planned discontinued the during for at kind couple underperforming on the of fully? and the of looking Or we performance a do any of year? base just How about stores left have I kind you is the that cost to anything And you start wondering, just we for was you -- that the still many against need in the are stores openings against impaired? carrying? get can

Jon Howie

an as fundamental exercise impairment standpoint. you the accounting kind know, is a of mean, I Well, from

Denver our area. soon, in We don't particular plan that anyone one anytime on store. is of was that impairment challenge a stores closing but So

So we'll continue store. that look to at

the mothballed, as gotten them. As we ones far that rid we've most of of

we're those working them, think on of to of pretty getting out here. close three we're still and I

will there's like But that other think done. that little almost subleases that, of than differential just we And so in there's them -- to back on again, currently sublease. the have all I three are them go a

Todd Brooks

seeing X% you're pickup Great. kind comfortable what a you 'XX? our In from to in time the Or we're strength real you're that this the your of unit to accelerate way a And doing in to in related Steve, that and need in being past, question. working with of now, infills, you've Or of are year? want your the back just with talked is traffic With the the see then, getting just customer. right the the trends challenges growth. know the this what you're about to XX% markets to and seeing X% XX% kind you the estate you do the in growth fact I consumer?

Steve Hislop

comfortable I'm before, earlier, range initial that the while because to mentioned on that. our of to huge. at Yes. mentioned cost year these top getting this we're into X% of the And even That's it's for it's cost in and then I X% as just or XX%. you I retooling building, site put again,

side to to growth. it the sense makes from happened capital that's I'm some get Hopefully, X% thing. So where big that XX% now, comfortable in range. this see that we'll reasonable that, that gets a for But to in year, this throughout right XXXX it X% on

Operator

Associates. King The Andrew of Wolf & last have question we CL from comes

Andrew Paul Wolf

I just have follow-ups. a couple of

you've you eventual out the buying called and recently, mean, you've talked kind build how mean, is But it land buildings, about return. cash-on-cash the I talked development. sale to you -- a on expensive is XX% and about still I and of First doing targeting leaseback. an

could just market So sale change? a realistic? predicated -- eventual rates leaseback it restaurant? build one, on XX% based still you're just is on going you that out is doing Or it, to me strong which an is is unpack to a return is if is, and cash-on-cash And it going that keep return, for to

Jon Howie

lot there's to a unpack Well, there.

engineering way layers X of. all So the are, additional that's of we of have architects in it soup lot that they even you to design suggest equipment to yes, through ways well why I totally go and mean, cost of and kind hired now. of our different our it, actually it, that building current right trying we ultimate the as a the whole we prototype and value nuts, if target on looking We've as the is our have return XX% with we're package do a and we to at cash-on-cash spoke kind different the and to engineering restaurants in ways value the and layers doing build that so we're to have will, different alternative layers -- materials different that

returns the really say Now doing it ultimate pro one versus initially, target but don't way ones in new of liking. the at -- we XX%, I are currently, Obviously, we purchase cash-on-cash the XX% of the we're forma. results. But the were but fairly some XX%. And some of more getting good ground, plans look would targeted coming the we're in back have is and about our those when those

it we all date, the about year, about we purchase, do if what the or a that But that that in to buy. at have into X purchased. properties to There's or sense get properties goes decision looking the this we looking your leaseback the engineering. current have makes right return. we of to They any Currently, if X the lease XXXX. buy of and own. have those to not properties fall we questions answered back value on ultimately, we from to all seeing whether cash-on-cash and into sales leaseback returns can boost actually hopefully, So there. do now But I then and X And at other that we're development sales will

Andrew Paul Wolf

comparisons. Yes, detail. very much. follow-up, another appreciate the really but just on I ask just the I overreach Can

got the you And how much it Eats 'XX? quarter, guess is quarter quarter, year's of the the just in quarter last how must fourth that. which another other fourth it's a XXX asking as much it was fourth the was Uber you So the I -- headwind And way in ease in quarter quarter sort or like -- of reported it this X then bps sounds of headwind.

Jon Howie

about of it, X.X%. sales Well, the growing that of the was Eats yes, all until fourth basically, quarter X.X% first And It kept when was XXXX, so at quarter. look sales you if in Uber it about X.X% for of XXXX about eventually, -- implemented our of in it. grew we was

XXX looking So that challenging. rolling points over, basis a little you're which at to is we're XXX

Operator

to Steve Hislop Please would gentlemen, the of like Ladies for turn go have we sir. remarks. the And closing to and reached session. question-and-answer back I the call end ahead,

Steve Hislop

answer and and thank have you Jon Thank available continued Again, good your interest so Chuy's appreciate in and all are evening. questions. you. Thank I much. a and you, any to

Operator

that gentlemen, Thank today's us. conference. for then and you Ladies concludes joining

You may disconnect lines. your now

Chuy's (CHUY) 22 Feb 242023 Q4 Earnings call transcript