Thanks Rachel and I appreciate everyone joining us today. I want to begin by thanking our teams, our franchisees and our shareholders. Fiscal 2025 was an eventful year for Jack in the Box and I continue to be inspired by our stakeholders passion and support for the efforts we're making to unlock the Company's long term potential. As we approach our 75th anniversary, we're committed to improving performance today while laying the foundation for sustained shareholder value over the next 75 years. Throughout today's prepared remarks, I'll provide an update on our Jack On Track plan, the current state of the business and the actions we are taking to restore momentum at Jack in the Box and position the company for sustainable growth. I'll then turn it over to dawn for a deeper dive into fourth quarter results. Our 2026 outlook along with how to think about the standalone Jack in the Box model going forward when we announced Jack Ontrack back in April, one of our key goals was to simplify the business and sharpen our investment thesis. I'm pleased with the progress we have made so far. As you saw, in October we announced the pending divestiture of Del Taco. This is a meaningful step that, when complete, will allow us to fully recenter our attention on strengthening the Jack in the Box brand and executing the remaining elements of our Jack On Track plan. I want to thank the Del Taco team for their partnership throughout this transition. We've also made good progress on our closure program and have numerous real estate transactions in process, so these key components of the Jack On Track program are also progressing as expected. While we're pleased with our progress on our Jack On Track initiatives, we are clearly not satisfied with our 2025 operating performance and we are rebuilding our operational discipline to drive growth and shareholder value in 2026 and well beyond. I'll speak more to this shortly. Now turning to our fourth quarter results. Our fourth quarter was really a story of two halves. The first few weeks of the quarter started off rocky. As I alluded to on our last conference call, our value equation was not resonating and lacked enough price pointed value and we moved swiftly to address that with more demonstrable value later in the quarter. Coming out of August, we adapted quickly and implemented a true barbell promotional strategy. We pivoted media and marketing to feature our $4.99 bonus jack combo, a compelling offer that resonates well with our value seeking guest. We also featured our $5 smashed Jack and a culturally relevant sporting event that included pulsing digital offers, all of which drove incremental trial of the best merger in qsr. The overall result transactions improved throughout the quarter as guests opted into our value strategy. Though check remained pressured, particularly as we continue to lap significant price increases from last year taken to combat big wage increases. All told, sales Trends improved roughly 300 basis points points throughout the course of the fourth quarter. As we've moved into the first quarter, our Barbell strategy continues and we largely maintained similar performance to what we saw at the end of Q4, though like many brands, we've recently seen a few weeks of downward pressure tied to the effects of the government shutdown, as well as lapping several weeks of our own. Stronger Results from last Year beyond the promotions we ran in Q4, we've made several changes to our menu to improve everyday value. In early October, we right sized pricing on three of our signature combos, making them more affordable for our guests. We've also increased our cup sizes on small combos. While we know these changes won't improve results overnight, we are taking necessary steps to enhance how we improve our value perception and we will continue refining our menu strategy. Over the past few months, we've pulled several levers to drive improvement, but there's still significant progress to be made. Our category is more competitive than ever and consumers are very careful about where they spend. We are committed to a strategy grounded in driving value for guests while protecting profitability for ourselves and our franchisees, whether through boosting check or driving cost efficiency. We also know the entire guest experience plays into the value perception, not just promotion or price. As we build the foundation for Drax Way, we are focused on consistency consistency across our operations, our food quality and an elevated overall experience for the guest. First, we are making strides in operational excellence. We identified a critical gap in our field support and restructure our field teams that to spend more than twice as much time in restaurants. This helps provide more real time coaching to our team members and holds restaurants more accountable while also rewarding top performers. In the near term, we are retraining the entire system with a disciplined focus on getting back to basics. It isn't glamorous, but it is essential and we have already received great feedback from our franchisees and employees on these efforts. Second, doing things Jack's way also means serving high quality food and leading the way with innovation. Our priority is clear. We need to serve hotter, juicier burgers with greater consistency across the system. So we challenged ourselves to rethink how we deliver, starting with the fundamentals, cooking procedures, ingredients and training. Shannon McKitty is doing a great job driving rapid improvement in our OPS fundamentals. We've also reinvested in culinary innovation and welcomed our new executive chef Kieran Duffy to lead the effort. He has already shared concepts that we believe will elevate both quality and craveability for our guests. As we celebrate Jack's 75th anniversary and bring back some of our customer fan favorites for a limited time, we will be ramping up our innovation and quality improvements that position us to exit 2026 and in a much stronger place than we entered. The final component of Jack's Way is modernizing our restaurants. We continue to work through the tenets of a comprehensive reimage program and we'll keep you updated on our progress. Meanwhile, we are currently testing a proof of concept on a handful of restaurants with a mini refresh that can be executed quickly while generating modest uplift for the brand so we can get some immediate learnings. We know all of these things must work in tandem. The right menu, the right level of service and a welcome environment and an overall experience that meets the customer's expectations, as you can probably tell, but to put a little finer point on it, 2026 will very much be a rebuilding year. Looking ahead to the next 12 months, here's what I expect Jack in the Box to achieve. First and foremost, I expect same store sales for Jack in the Box brand to return to positive and as we utilize our barbell promotional approach throughout the year, enhance our operations and improve the overall guest experience. Second, I expect the Del Taco divestiture and associated TSA will be fully completed and we will be well on our way to rightsizing the organization as a standalone Jack in the Box brand. Third, our restaurant base will be substantially cleaned up with the closure of many of our underperforming restaurants behind us. Sales transfer from closed restaurants will benefit our remaining restaurants and profitability will be improved. Fourth, later in the year I expect us to begin actively executing a reimage program that will ultimately impact the majority of our restaurants, driving even stronger volumes and generating more guest excitement around the brand. And finally, we will have made significant progress in paying down our debt with a market improvement in reducing our overall debt levels. As you can tell, there is real work ahead, but we have the right plan in place and the right leadership focus to execute our plans in the coming months. And while 2025 was a challenging year, Jack in the Box remains in a position of strength. With AUVs approaching $2 million, a resilient and dedicated franchise base and core brand equities to leverage as we work to restore mom. You can continue to expect transparency from us on progress as we're building towards long term sustainable growth. We expect to exit 2026 as a stronger, more disciplined and more valuable Jack in the Box positioned to drive sustained profitability and create long term shareholder value. I will now turn the call over to dawn to dive deeper into fourth quarter results and specifics around 2026.
Don Hooper - Chief Financial Officer00:12:52
Guidance thanks Lance and good afternoon everyone. I'll start by reviewing the results of the two brands individually and then we'll provide details on our fourth quarter, 2025 consolidated performance and 2026 guidance. Beginning with Jack in the Box, our fourth quarter system same store sales declined 7.4% with franchise same store sales decreasing 7.6% and company owned same store sales down 5.3%. This result included a decrease in transactions and negative mix partially offset by a 2.4% increase in price. As Lance mentioned, we did see improvement throughout the quarter ending Q4, roughly 300 basis points stronger than we started the quarter. Turning to restaurant count for the fourth quarter there were 15 jack restaurant openings and 47 closures and we ended the year with 2,136 restaurants. Jack restaurant level margin for the quarter decreased year over year by 240 basis points to 16.1%. The margin decrease was driven by sales deleverage commodity inflation of 6.9% and elevated labor costs as a result of opening eight new restaurants in Chicago. Food and packaging costs as a percentage of company owned sales remained flat at 30.3% as a result of favorable funding from our new beverage contract as well as price increases offset by commodity inflation and negative mix as consumers shifted into price pointed promotions. As Lance mentioned, from a commodity standpoint, our largest inflationary category was beef. Consistent with industry trends, labor costs as a percentage of company owned sales increased 100 basis points to 33.7% primarily due to the elevated labor at our new restaurant openings in Chicago, partially offset by a reversal of additional feet of taxes in California. Jack in The Box opened eight restaurants within 12 weeks in Chicago which was one of the fastest new market openings we've completed in recent history. We are seeing excitement from customers around these openings, but there was a significant impact to our P and L for the quarter. The Chicago market had a negative 130 basis point drag on our overall company restaurant level margin. We are taking swift actions to improve the margin compression driven by this market. While volumes remain strong with annual unit volumes projected to exceed 2 million, labor costs were elevated this quarter as we staffed up the market to ensure first time guests received the best possible experience. Occupancy and other operating costs as a percentage of company owned sales increased 130 basis points to 19.9% primarily due to higher costs for rent, security and third party delivery fees. Franchise level margin was 62.6 million or 38.9% of franchise revenues compared to 70.9 million or 40.4% a year ago. The decrease was driven by lower franchise same store sales and lapping 2.6 million of non recurring lease termination revenue from franchisees, partially offset by higher early termination fees collected in connection with our closure program. For a quick update on Jack on Track, I'll start with the restaurant block closure program. In Q4 we closed 38 restaurants under this initiative, all of which were franchise locations. Turning to real estate activity, we sold three real estate properties during the quarter generating 4.8 million in proceeds which will be used to pay down debt. We also continued to reduce capital expenditures sequentially as we remain focused on disciplined capital allocation. And lastly, as announced in October, we entered into a material agreement to sell Del Taco. Overall, we are making progress on our Jack On Track plan every quarter. Now taking a look at Del Taco results for Del Taco system Same store sales declined 3.9% consisting of company owned same store sales down 3.1% and franchise same store sales down 4.2%. This decline was driven by a decrease in transactions and an unfavorable mix partially offset by a 2.8% increase in price. For the fourth quarter there were four restaurant openings and 13 restaurant closures. Del Taco ended the year with a restaurant count of 576 locations. Del Taco restaurant level margin was 6.8% as compared to 9.3% in the prior year. This decrease was primarily driven by the impact of opening 17 locations in Colorado. Transaction Declines Inflationary increases in commodities slightly offset by menu price increases. Food and packaging costs increased 260 basis points to 27.8% due to unfavorable mix and commodity inflation of 5.1%. Labor costs remained flat at 39% as elevated labor costs from the reopening of 17 locations in Colorado was offset by a reversal of additional feuda taxes. In California. Occupancy and other costs decreased 10 basis points to 26.4% driven primarily by favorable utilities. Franchise level margin was 6.8 million or 30% of franchise revenues compared to 6 million or 26.5% in the prior year. The increase was driven by a lease buyout transaction and early termination penalties, partially offset by lower sales and higher bad debt expense. Moving to our consolidated results, SGA for the fourth quarter was 36.6 million or 11.2% of revenues as compared to 30 million or 8.6% a year ago. The increase was primarily driven by the 5.5 million incremental advertising contribution we made during the quarter. Higher Information Technology costs the rollover of favorable insurance claim development factors from the prior year and a decrease in COLI (Corporate Owned Life Insurance) gains. These impacts were partially offset by lower share based compensation and reduced incentive compensation tied to performance. Excluding the net COLI (Corporate Owned Life Insurance) gains along with company owned marketing expenses, G and A was 27 million or 2.4% of total system wide sales for the quarter. We spent approximately 3.9 million in preopening costs. The majority of this investment supported new restaurant openings in Chicago for the Jack in the Box brand with the remainder related to reopening the Colorado market for the Del Taco brand. Consolidated Adjusted EBITDA was 45.6 million down from 65.5 million in the prior year due primarily to lower same store sales at both brands. For the full year, adjusted EBITDA was 270.9 million inside of our revised guidance range. GAAP diluted earnings per share was $0.30 for the quarter compared to $1.12 in the prior year. Operating earnings per share which includes certain adjustments was $0.30 for the quarter versus $1.16 in the prior year. Our effective tax rate for the fourth quarter was negative 30.4% compared to 29.2% in the prior year quarter. The negative rate this quarter was primarily driven by incremental non taxable gains from the market performance of insurance products used to fund certain non qualified retirement plans along with favorable state audit accruals recorded during the period. The non GAAP operating EPS tax rate for the fourth quarter of 2025 was 11.9% and was 25.4% for the full fiscal year. The lower non GAAP operating EPS tax rate for the fourth quarter was primarily due to favorable state audit accruals recorded in the quarter. Capital expenditures were 17.9 million for the quarter. Cash flows from operations for the quarter were 33.7 million and cash flows from operations for the full fiscal year was 162.3 million. We did not repurchase any shares in the fourth quarter. For the full year we repurchased 0.1 million shares for $5 million. As of year end we had 175 million remaining under our board authorized share repurchase program. We ended the year with an unrestricted cash balance of 51.5 million. We also had available borrowing capacity of 96.8 million. Our total debt at year end was 1.7 billion. With our net debt to adjusted EBITDA leverage ratio at six times as we look to 2026, we want to share the standalone JAC business model Del Taco results will be reflected in discontinued operations in our Q1 2026 financial statements pending successful close of the sale which we expect to occur within Q1. Upon close, we will be required to file pro forma financials presenting a three year look back of what our results would have been without Del Taco. After this, we plan to host a call with our analyst community to walk through the standalone model and assumptions in more detail. Before getting into specifics, I do want to reiterate the primary source of uncertainty in our 2026 outlook the timing of our Jack on Track initiatives. Restaurant closures may shift based on factors such as franchisee readiness, lease dynamics and market conditions. Similarly, while we do expect real estate proceeds during 2026, the exact timing of those transactions will depend on market conditions and our pace alongside our debt pay down plans. Both of these add a level of variability to our sales, restaurant counts and franchise level margin estimates for the year and thus impact our overall adjusted EBITDA expectations. Please know our guidance reflects our current best assumptions. We will provide more color on this throughout the year as our assumptions update now to specific guidance. We expect to end fiscal 2026 between 2050 restaurants to 2,100 restaurants. We expect same store sales of negative 1% to positive 1% versus the prior year. Please keep in mind as you model company sales that you factor in our new market of Chicago which will not be included in same store sales but are expected to have auvs above 2 million. We expect company restaurant level margin of 17 to 18%. This includes mid single digit commodity inflation largely driven by beef. Keep in mind we are also rolling over a favorable beverage contract benefit from 2025 restaurant level margin guidance also includes low single digit wage inflation and our expectation for continued margin compression in the first quarter driven by our Chicago market. We expect franchise level margin of 275 to 290 million. Franchise level margin is the most impacted area on the P and L from Jack on Track through both closures and real estate sales. Like we mentioned on our last call, we expect a negative impact to franchise level margin of approximately 80,000 per closure with a closure range of 60 to 100. This equates to roughly 4.8 to 8 million on an annualized basis. As a reminder, franchise level margin also had a benefit in fiscal 2025 of 5.2 million tied to rent spread monetization transactions with franchisees related to right of first refusals. We expect SGA expenses of 125 to 135 million accounting for roughly 31 million in Del Taco specific G and A and advertising, as well as impacts of incremental Jack in the box marketing spend, Coli gains, favorable share based compensation and lower incentive compensation. In 2025, a comparable SGA figure for fiscal 2025 is 134 million. For fiscal 2026, G&A, excluding selling and advertising, is expected to be approximately 2.5% of system wide sales. We expect this to remain elevated for the first half of the year and then improve into the back half as we restructure following the sale of Del Taco. Similar to prior divestitures, we will enter into Transition Services Agreement or TSA and we expect income to offset some of our G and A as part of that agreement. This guidance does not reflect that benefit and we will share more as we learn the total TSA amount and timing. We expect preopening costs of less than half a million dollars and depreciation and amortization of 45 to $50 million. Adjusted EBITDA for the full year is expected to be 225 to 240 million. And finally, as part of the Jack On Track plan, we expect to pay down 263 million in debt by retiring the August 2026 tranche of our securitization with proceeds from the Del Taco divestiture, cash on hand, proceeds from real estate sales and potentially borrowings on our VFN to preserve flexibility. We recognize that rebuilding takes time in 2026 is about executing against Jack On Track and restoring momentum for the Jack in the Box brand. You have our commitment to transparency and to maintaining financial rigor as we make decisions that impact our guests, employees, franchisees and shareholders. We look forward to speaking with you again in February as we release first quarter results. And with that operator, please feel free to open the line for Q and A.
Lance Tucker - Chief Executive Officer00:30:23
Hi, Brian, it's Lance. So first of all, we do expect the first quarter to be soft, as we've mentioned. And you guys see credit card data probably just like we do. So you're already aware of that. As we get into the second quarter though, which for us begins in kind of mid January, we'll be entering our 75th anniversary where we have a number of pretty exciting things going on relative to ads and innovation and bringing back some old customer favorites. We'll also, you know, we will have some softer compares, particularly as you get into the second half of the year that will contribute as well. And then there are a number of kind of other things that we're doing. We'll be obviously working on the value equation and continuing to make sure that we've got the barbell strategy correct. We expect to continue to see sales benefit as we continue to improve on the operations side. Tech modernization. As you guys know, we've put a lot of time into tech modernization. It is ongoing and I think it'll build throughout the year and help us a little bit. And then we do have again some interesting innovation coming. We have a new chef, a restructured kind of innovation team and structure that we think is going to drive some interesting things. So we have a lot of things that we're excited about as we go into 2026, but it's more calendar 26 comment than it is necessarily here in the first quarter. Okay, thanks.
Lance Tucker - Chief Executive Officer00:32:23
No, we have lot closures built in. First of all, to start with that piece, I'll let Dawn give you the exact number, but I believe looks like we've said 60 to 100 in total, 26 closures. So that does include, you know, the closure program as you would expect when you see that number. And on a real estate sales side, we do have real estate sales. I think they're, you know, we're a little bit limited in how fast we can go on the real estate sales because of the dynamics of how we're able to pay the debt back within the securitization. But there is between 50 and 70 million dollars of real estate sales built into that guidance number.
Lance Tucker - Chief Executive Officer00:35:00
That's a good question. I can tell you. First, let me kind of tell you where the spend went actually. So we did obviously spend behind our value in digital offers. And primarily that was the bonus jack that we brought in kind of at the low end of the barbell. And then we also pretty heavily spent against a $5 smashjack for about a week within our app that was actually tied to a sponsorship we had also invested in with part of that money which was for a culturally relevant sporting event. That was the Crawford Canelo fight where we got really a lot of, a lot of benefits. So. And then some of the spend also went to shortfalls. Obviously our sales fell a little bit shorter where they would in the beginning part of the or where we thought they would in the beginning part of the year. And so, you know, when you think about that five and a half think, you know, a portion kind of half or a little less was really going to make sure that we, that we shored up our marketing fund and the remainder was incremental. That's the way I think about that. As far as the benefits we got, we did see improved transactions. We also kind of got the opportunity to introduce a bunch of consumers to the best burger in QSR at a really good price point at $5. And then we made very significant impressions with one of our big demographic groups. So overall, would we consider doing that again? I mean our goal would be that we wouldn't need to do another significant contribution into the marketing fund because we would certainly expect that results are going to be better than what we saw in 2025. With that said, I am happy with the results. I think Ryan would echo that. And if we needed to do something again, you know, we'll always keep our options open.
Sarah Senator - Equity Analyst00:36:51
Your next question is from the line of Sarah Senator with Bank of America. Your line is open. Okay, thank you. I guess a follow up question on the top line outlook and then a question on gna. So the top line, I know your same store sales guide is predicated on company specific initiatives and it sounds like you're very confident in those. Do you have any kind of underlying macro assumptions that you're making? I mean we've seen, I know you've talked about sort of exposure to different income cohorts, anything that might signal, I guess, sort of expectation that things improve in sort of the macro backdrop. And then the GNA guide, I guess it's flat on an adjusted basis. I just want to make sure I understand that the second half is that more, that'll be lower. So is that the right run rate. That the sort of lower G and A in the second half is actually the right run rate and so perhaps a little bit below that 2.5% of system wide sales. It's just the first half is more, you know, you might still have some stranded costs or still be working on, on restructuring. So as a go forward basis. Thanks Sarah.
Lance Tucker - Chief Executive Officer00:39:54
Sure. And you're right. I mean when you have a, when you have a difficult year like we had in 2025, that does in fact put pressure on franchisee P&Ls. You know what I would tell you as to kind of sentiment and what we're hearing from them. First of all, they want the same things we want. Right. They want sales to be positive just like we do. We want them to be positive tomorrow. And so yes, of course we hear that and it's understandable. You know, when the, when the sales are difficult and the bottom line results are difficult, the conversations are going to get more pointed. But again, that's kind of what you expect. And while they're pointed, they're also respectful and they also are willing and able to, you know, support the team and support the brand and they're doing everything they can on their side as the primary operators of the restaurants to drive our results. And so look, we spend a lot of time talking to franchisees. We listen to them, we don't always agree. And I suspect that's the same across most systems. But with that said, we assume their positive intent and they assume our positive intent. And so we are working together to try to drive the business forward. You know, as far as investing, you know, I do think as we get towards the end of the year, and I said this in the prepared remarks, I do want to be rolling out some sort of some kind of reimage program. I think, you know, we're going to need to do a comprehensive reimage program and that needs to start sooner rather than later. But as we also mentioned, we are testing kind of a mini reimage that would be much more affordable. Get out there very quickly and bring some, you know, instant kind of modest benefit to the brand until we get to a point where we can do a broader reimage. Because franchisees with the financials where they have been for the last year will need a little more time before they're going to be in a position probably to reinvest in the brand the way we all want to. So kind of a long answer to your question, but you know, I guess I want to kind of kind of end with two things. We do still have nearly a $2 million overall EUV within our franchise community. And so yes, you know, when you get to some of the smaller franchisees and some of the less well capitalized franchisees, there are some pressures and there's pressures across everyone, but it's still overall is a pretty reasonable picture. And then we're actually going to be out. The executive team is in December doing kind of road shows in several markets to talk to franchisees and to hear what they have to say and make sure we're being as transparent with them as we are with you all on this call. So a lot of conversation.
Lance Tucker - Chief Executive Officer00:43:15
Sure. Yeah, you know, well, first of all, we'll give long term guidance once we're a little Further into the JAC contract program. I would, I'm not going to put an exact time frame on that, but I would, I would tell you we realized the need to go out and update that long term guidance sooner rather than later, obviously in the meantime. And you kind of referenced this, you know, the unit guidance number that's out there, given the closure program that's going on, is a number I wouldn't pay a lot of attention to. I think as you think about the long term algorithm, I mean, I think it's, it's not going to be too far off. I don't believe from, you know, what you would expect, which is to say asset light model, primarily franchise openings, reduced capex, moderate G and a probably low single digit comps. You know, we are going to want to get into a growth story on the unit side that's probably a couple, three years away. We'll give better guidance on that when that happens. And then kind of responsible unit openings, you know, with units that have really good overall unit economics. We are driving cost out of the building right now and we need to continue to do that before it makes sense to be out building just a whole lot. So, so we'll give a, give more firm long term guidance as I said here, when we're a little better positioned to do so. But with that said, it's not probably an atypical algorithm than what you would have expected.
Dennis Geiger - Equity Analyst00:47:47
Great. Thank you guys. I wanted to come back to that value topic again and maybe Lance just if anything else it's great to see the value scores are improving some. Could you share sort of where maybe value incidents was in the quarter or if it had been improving through the quarter as you mentioned sort of value was driving some improvement in the trends. And then I'm sure you don't want to give too much away but as it relates to next year, maybe where some of the biggest gaps clearly the barbell approach but some of the biggest opportunities from a value perspective in 26 if there's anything to share, high level there. Yeah. So we don't typically share the absolute kind of value scores I can tell you, particularly as you got into the second half of Q4 though it was a, you know, it was sloped upwards. I don't want to get into a whole lot more detail than that. And then as for next year, you know, I think from my perspective, and I'll ask Ryan to jump in here when I'm finished if he has anything to add. But I think the biggest thing we need to do is be consistent with value and make sure that we have something at the. At kind of both sides of the barbell that we try to play in so that the consumer always knows, hey, I can go get, you know, some price point of value if I need to. That is not the place where we want to build all our sales. It's not the place where we want to drive the business. But we do recognize that we've got to consistently be there with some fresh innovation and some, frankly, some good value. You know, literally every window, every week. Ryan, am I missing anything?
Lance Tucker - Chief Executive Officer00:50:26
Sure. So first of all, yes, we do in fact have an image. I mean, we still are tinkering a little bit around the edges, but we have reimages, frankly in process right now. It's not as big a full scale program, but the kind of the crave package and the reimage packages that we have, we're actually very happy with. You know, the real change from my perspective is, you know, making sure that we've got the right contribution coming from the company for those and making sure if there's an aspect or two, we want to make sure that we're really focused in on, that we're getting those done in these reimages. So there are certain things that if the company's going to put in significant dollars, we want to make sure are present in these reimage packages. And you can imagine what those things would be. They, they'd look like the drive through, they'd look like signage, you know, they'd look like some form in all likelihood of a digital menu board, whether a hybrid or a full. So there's things that, you know, we want to make sure are focused on the guests and focused on driving sales that are going to be more important. So we're still tinkering with a little bit around that, with that, around the edges. But generally speaking, yes, we do actually have the image and we're happy with it as far as, you know, there have been fits and starts and that's actually a good way of saying that. The reality is we haven't done a full on reimage in a number of years. And I think, you know, there's probably the biggest singular difference that I'm going to tell you that I see going forward is going to be leadership focus. And this is something that we're going to have to focus on and do. It's just been too many years. In all the data we get, it shows up strikingly that we're losing on the appearance of our buildings. And we've kind of gotten to the point where, you know, we just almost have to do this. So that is why it's an initiative for me. I just frankly have to make sure from a company standpoint that we're a little further along in jack on track and have, have the cash, you know, to pay down the debt first and then we can start with some pretty significant contributions on the company side. But going to drive this as one of our very top priorities, if not our top priority once we kind of get beyond jack on track. And so, you know, that is, I think, going to be the primary difference you see versus what you've seen in the past. Very helpful, thank you.
Lance Tucker - Chief Executive Officer00:53:30
I think when you think about jack in the box, one of the things you think about, we've always delivered a solid value and we've always delivered a lot of innovation and variety. And so I think, you know, we're in a unique position to make sure that we can deliver kind of satisfying meals at a good value and some innovative things that you can't find just everywhere. And that's everything from breakfast 24 hours to a lot of our side items like your, you know, curly fries or your egg rolls or churros or certainly two tacos, which we're most famous for. So I think the consumer is looking for that and I think the consumer is also looking for a little bit better experience from us. And that's where I think from an OPS improvement standpoint, we can really make inroads quickly. And as I mentioned in my prepared remarks, Shannon and team on the ops side, we've done some restructuring. We're going to have people out there training much more than they have been. We're going to have a lot more field presence to make sure that we're delivering on that better ops experience. So a little bit of a long answer to your question, but that's what I think we can deliver.
Lance Tucker - Chief Executive Officer00:55:00
I think there are kind of two or three things. So to answer your question directly, I don't think our quality perception is as high as we think it should be. And there are steps that we need to take to fix that. So one of them is ops improvement. And again, it's just making sure that we're given a good, consistent, friendly, what we call joyful experience to the consumer every day. We need to make sure the accuracy is there. We need to make sure that as they're coming through the drive path that the restaurant is clean, that the drive thru looks good. We need to make sure we have the right innovation and all those things kind of wrap into quality perception. And so, yeah, we have kind of picked up that we don't think we're getting the credit we think we should. Some of that's self inflicted. Some of that is just a lot of things that we need to do better. And so that's why you see us focusing on our innovation. That's why you see us focusing on wanting to clean these dry paths up and do some work on the buildings themselves. And certainly why you see us focus on let's make sure we've got the right ops experience because that's better than any marketing you can do. You give people the right experience, a good hot burger prepared the way they want it in a reasonable amount of time, they're going to come back. It makes Ryan and teams marketing job much easier.
Lance Tucker - Chief Executive Officer00:57:12
And then on the, on the cash on cash returns, I mean we're talking very modest investments here of, you know, under 20, under 25,000, depending on if you do, depending on what you're doing. So those certainly in the, you know, even in the context of a difficult year, whether it's for us or anybody in the industry, you know, we're talking very modest kind of investment here. More of a spruce up, if you want to think about it that way. And that's the kind of thing if you put, if you do it the right way, you put just a little bit of marketing behind it, you would expect low single digits. You're not expecting, you know, huge returns on that, but you are expecting, you know, kind of a pretty modest return.
Lance Tucker - Chief Executive Officer01:02:49
Yeah, I think versus peers. We certainly, as we started fourth quarter, I think we were lagging more and then we close that gap as we got towards the end of the fourth quarter. Again, I hate to keep beating a dead horse, but as we adjusted what we were doing a little bit. So I think that, you know, we're certainly closing that gap. When I think about California versus the rest of nation, California itself is I think a struggle among many, many brands. And so I, you know, I have a feeling that we would be certainly no worse off in California and probably a little better off than when you compare national to national just given the concentration we have got it. And then my follow up was on. You mentioned some of the moves you're.
Lance Tucker - Chief Executive Officer01:04:23
So I would say on the franchisee side, they have in fact been willing to make the moves that we've talked about. They were very on board with the cup change. They were on board with making sure that we had some price pointed combos that were in the area they need to be in in order to make sure that we're staying competitive. So we really did not have to. It's not that we didn't have discussions and every franchisee is a little bit different, but with that said, by and large, we really didn't have much pushback on that front. So I, you know, I think I can confidently say they were, if not 100%, on board. They were largely on board, most certainly with making those changes. And then what was the second part of your question, Jake? I'm sorry.
