But first and foremost, we want to make sure we have a substantial amount of excess liquidity just to have a long runway to achieve one of these debt repayment events. So it’s a juggling act of those things, but it’s very much in our focus.
Joseph Gomes: Okay. And then year-to-date, adjusted EBITDA is about $64 million. For all of 2022, it was about $89 million, would suggest you need about $25 million in the fourth quarter just to stay flat. Is that possible you think you can exceed what you did in 2022?
Andrew Wiederhorn: So we think that we will exceed the 2022 numbers. Q4 should be very solid for us. And remember that we also had quite a large number of tax credits last year that we don’t have this year. So it’s really substantial growth. We have to kind of look at it on an apples-to-apples basis, but we actually think that we will exceed the 2022 numbers with Q4 yet to come.
Joseph Gomes: Okay. Great. And one more, if I may. I don’t know if you guys could give what the quarter end outstanding debt was in unrestricted cash.
Kenneth Kuick: Yes, I can, Joe. So the unrestricted cash balance at the end of the quarter was $88 million. And as a reminder, we acquired Smokey on the first day of the fourth quarter for $30 million. And then on a debt basis, let’s talk space rather than book value. The face value of our securitizations outstanding at the end of the third quarter was $1.158 billion.
Joseph Gomes: Great. Thanks guys. Appreciate it. Great quarter.
Andrew Wiederhorn: Joe, thank you.
Kenneth Kuick: Thanks, Joe.
Operator: Our next question comes from Alton Stump with Loop Capital. Please go ahead.
Alton Stump: Great, thank you. And good afternoon, gentlemen.
Andrew Wiederhorn: Hey, Al.
Alton Stump: Hey. Just want to touch on the last question or ask some questions. Obviously, on unit openings brought guidance down a little bit. I presume, essentially all of that is just delays that seem to be impacting just about everyone right now in the industry, and there’s no concern about underlying demand to build stores.
Andrew Wiederhorn: You’re correct. And it’s like I spoke earlier about your kitchen not getting remodeled on time. It’s really just slipping into Q1. The stores are still on track. We have well over 100 stores on the chalkboard for 2024, and we’ll get, we think, north of 175 again next year. But this year, we think it’s going to be in the 150-something range, not — it will be more than 150, but I’m not sure how much more than 150.
Alton Stump: Got it. Makes sense. Thanks for that color Andy. And then just on the promotional environment, obviously, commodities coming off of huge highs over the last 18-plus months, seem to be somewhat moderating. How much pricing do you feel — obviously you guys own 18 brands now. So I’m sure every brand is different. But how — is in your view, the overall kind of pricing promotional environment that you are seeing on average in your brands?
Andrew Wiederhorn: Well, we’re definitely focused more on marketing initiatives now than we’ve had to be focused on in prior years. With a low interest rate environment and post-COVID bounce back demand by consumers it wasn’t hard to get people into the restaurants. And definitely, as we’ve entered 2023, we’ve had to spend more money and more time on marketing initiatives to drive brand awareness, remind people that our restaurants are open, that they should come in from a sports perspective, reminding people what sporting events are available basically. [Indiscernible] every single sporting event ever known to man is on TV at the same time, so you can really see anything you want. And so just spending that time and not taking for granted that your restaurants are open, you want people to come in, has been a push for us.
