“We have line of sight to exceeding this range. However, this will be dependent on the degree of pressures we face throughout the year.”

In context

“ressures from many other items in our basket, including fries that are likely to cost us approximately 20% more this year than last. But above all, we are also making continued investments in our people as we focus on building up and supporting our winning teams. This is resulting in mid single digit year-over-year wage pressures taken together. Our operating backdrop is not easy. Inflationary pressures still remain, and we believe we have the right plan in place to navigate and continue to show higher operating profitability despite these continued challenges. In fact, even with the inflationary and potential macroeconomic pressures, we are planning to grow fiscal 2023 adjusted EBITDA by at least 50 to 70% this year to $110 to $125 million as we target achieving record profits this year. We have line of sight to exceeding this range. However, this will be dependent on the degree of pressures we face throughout the year. We reiterate that our 2023 G&A guidance of $125 million to $130 million absent the $1.6 million in legal and professional fees that are excluded from adjusted EBITDA this quarter. At the midpoint G&A would be 11.8% of total revenue, more than 80 basis points of leverage versus 2022 levels. Other guidance points, equity based compensation expense of approximately $17 million, pre-opening of $17 million to $19 million, depreciation of $88 million to $93 million, an adjusted pro-forma tax rate, excluding the impact of stock-based compensation to be 16% to 18%. So thank you for your time and with that I can turn it back to Randy. Randy Garutti: Thanks a lot, Katie. We're really proud of the team and the way they continue to execute our strategic plan, driving sales and better profitability ac”