“And finally, we guide for fiscal year '24 adjusted pro forma tax rate, excluding the impact of stock based compensation to be 20% to 25%.”

In context

“increase in advertising spending to drive greater brand awareness and sales, while still having a disciplined approach to run rate G&A. We're increasing spend on areas of marketing where we have high visibility in our returns and will continue to closely monitor and adjust accordingly with changes to our business. We expect approximately $18 million of equity based compensation expense with about $17 million in G&A. We guide full year depreciation of $100 million to $105 million and preopening of approximately $17 million, in-line with our commitment to reduce preopening cost per Shack by at least 10%. We guide adjusted EBITDA of $160 million to $170 million in fiscal 2024. This represents 21% to 29% growth year-over-year and solidly outpacing total revenue guidance growth for 11% to 15%. And finally, we guide for fiscal year '24 adjusted pro forma tax rate, excluding the impact of stock based compensation to be 20% to 25%. Our overall tax rate will be impacted by a number of factors including our level of profitability, tax credit, state mix, and other impacts. So, thank you for your time, and with that, I'll turn it back to Randy. Randy Garutti: Thanks, Katie. Before we open up the call to Q&A, I do want to give a brief update on behalf of our Board of Directors on the CEO search. We are really fortunate that the role of CEO, Shake Shack is among the most exciting and biggest opportunities in the industry today. We've had enormous interest. The Board search committee is pleased with how the search is progressing and we're on target we believe with expectations to transition leadership in the coming months. I also want to announce that today the company is promoting long-tenured leader Michael Kark to Presi”