Yeah. So on the first one, so the $1.5 billion, that just assumes funding with cash and debt, so no equity. Certainly, we've got plenty of opportunities to accelerate that with equity. If the math worked out, we'd always be willing to do that. Obviously, that depends a lot on the...
But it's really a combination of if you look at our capital allocation model with 50%-plus distributed to shareholders, so dividend plus buybacks, our sustaining capital is $1 billion, the organic capital program is $1 billion. And if you do the math based on a mid-cycle set of assum...
I mean, clearly, with lower volume ‘23 versus ‘22. Again, you guys can do the math on what deleverage would occur on lower volume from fixed occupancy costs just like we had in Q3 and sequentially in Q4. So I’ll just say keep doing that math. Four-wall… ...
Yes. The only thing I'd add is Josh just took you through the rough math on what could be the spend to kind of get us up to that 85%, 90% level. And the only thing I would say is we want to reward franchisees who are leading and investing early and are excited about the bran...
My math suggests that could have even meant that the GPU business was down sequentially. And given your guidance for I guess, flattish GPUs in the first half of '25 versus second half of '24. Again, does the math not suggest that you'd be down sequentially both in Q1 and in Q2 to...
Thank you guys for taking my question. So maybe I'm stupid on this question, but if I'm doing your math for your guidance of margins in low-70s for fiscal year '24. By my math, the margins for other biopharma would have to drop to about 60% in order to balance out the other ma...
And thinking about like how does one justify the value of the company being where it is, and I think there is a way, just with back of the envelope math, to potentially justify it where if Tesla ships, let’s say hypothetically, $50 billion or $60 billion worth of vehicles and those...
Also worth pointing out the 6% if you remember, was for the company. The system has priced below home inflation. That’s about a math on traffic growth plus pricing below [indiscernible] home inflation adds up to the overall 6% comp growth. ...
to 6% range with inflation, I believe, in the double-digit range. So maybe would imply units or tonnage down high single digit. And for next year, 2.5% to 3.5% maybe seems to assume a pretty meaningful acceleration in units. So just maybe correct me where I’m wrong on that math?
One of the key elements, of course, is that it’s a dynamic situation that is a bit hard to predict with a lot of precision right now. Maybe just to give you some numbers and you can kind of work through the math. 1 point of same-store sales growth in China for a full year wou...