Darcy Davenport: Yes. So first of all, international, actually, I think both of those opportunities as more longer range. We have so much — I mean, I just said when I was talking to John is that from an innovation standpoint, this new learning around we have so much opportunity in the U.S. with our existing products with kind of close-in innovation. International is absolutely an opportunity, but it is — it takes a little longer to build, and it is kind of — it’s — yes, it’s a slower build. Right now, international is about low teens, about to 10% to 12% of our business. And it’s growing very — it’s growing strongly about the same rate as we’re seeing in the U.S. But it’s on a lower base. So, we’re going to continue. We have a dedicated team that’s focused.
We have a nice sized business in Canada. We’re growing in Mexico. We are growing through our global customers across the globe. We have a business in the EU and an office there. So, I would say we are definitely investing and we see it as a future opportunity. It’s just a slower build, especially when we have so much opportunity within the U.S. On the single-serve question, the same thing, again, we see that as an opportunity. It’s a little more complicated because it requires a different route to market. So once again, we have this capacity. We are actually expanding our bottle co-man, which is exciting, which is also the format that we sell within e-commerce. And we think that there’s future opportunity with kind of bottles across channels.
Bill Chappell: Got it. And then just some housekeeping. Can you give us an idea of interest expense and tax rate for fiscal ’24?
Paul Rode: Yes, our tax rate will be around 25% to 26%, a little higher this year because of the accelerated amortization on PowerBar. What was your second question? It was the cash interest?
Bill Chappell: Yes, interest expense, cash interest expense.
Paul Rode: Cash interest ought to be around $60 million.
Operator: [Operator Instructions] Our next question comes from Jon Andersen with William Blair. You may proceed.
Jon Andersen: Just one quick question on Premier Protein. From the slides, it looks like consumption growth for the brand has been running stronger in tracked channels relative to untracked panels, both on a 52-week and 13-week basis. I’m assuming that’s a function of where the new distribution or TPs or the restoration of TPs is hitting the market. Could you remind us of kind of for Premier Protein, how much of the consumption for that brand is tracked versus untracked? And as you look to 2024 and restarting promotions, et cetera, how do you expect that channel mix may evolve in 2024 from here?
Darcy Davenport: So Jennifer might have to help me. I think it’s about 60% of our business on Premier is in track. Jennifer, is that about right?
Jennifer Meyer: I believe so.
Darcy Davenport: Okay. So about 60% of the Premier business is tracked. You’re absolutely right, Jon, that the reason why it’s outpacing on track is mainly, that’s where we’re gaining a lot of distribution. It’s a lot of food accounts, mass accounts where we’re increasing distribution quite a lot. And then — sorry, your second question around — was it just your…
Jon Andersen: More around the focus of marketing in 2024 and will it have a kind of a channel orientation to it that might affect that mix in ’24?
Darcy Davenport: No. So, all of our marketing is really supporting the overall brand, which should raise all channels kind of equally. We do some channel-specific marketing, but the bulk of it will be overall. I think the biggest — I do expect that — I mean it depends — it will be — I would say the difference between tracked and untracked moving forward will — we expect to continue to see increases in distribution more in tracked, but also on untracked, we’ll see promotion can really push untracked quite high when we have these big promotions within the quarter. So that’s something that we will see kind of like in Q2 and Q4.
Operator: Thank you. We reached the end of our Q&A session. This concludes today’s conference call. Thank you for your participation. You may now disconnect.
