Michael Healy: Yeah, from a margin perspective, we certainly still have the Brazilian tax exemption component, which costs us 40 basis points year-over-year. Other than that, we’ll be up a little bit in depreciation as we continue to invest in our restaurants. COGS will be similar to Q1 will be favorable. Labor pressure is going to continue, that’s been pretty sustained. We expect that to be similar to Q1 for the remainder of the year. And as you mentioned with advertising, we were up $7 million in Q1. We’ll be similar to that in Q2, maybe a little less. And then it should start to flatten out in the back half, because we started to increase our advertising in Q3 of last year. But we have the roadmap to continue and maintain our margins, even in a difficult environment, but that should give you some color.
Brian Harbour: Okay. Yeah, thanks. And I think you mentioned pull forward with some pricing. Was that mainly an Outback? Is it across the brands? What’s the timing of that?
Michael Healy: It’s across the brands. And so it doesn’t get pulled forward in one large chunk. So it’s sort of kind of just evenly spread out through the back half.
David Deno: One thing I’ve got to mention a little bit is – one thing I’m particularly pleased about is achieving these results with modest pricing increases versus others in the industry, and that gives us, A, improves our value equation; and B, it gives us dry powder in case we need to do something. But I’m very pleased that we maintain that discipline.
Michael Healy: Given that the beef back is such a significant part of who we are, we always take as little pricing as necessary, but obviously, I also have to manage through that inflationary environment.
Brian Harbour: Okay. Thanks.
Operator: The next question comes from Sara Senatore with Bank of America. Please go ahead.
Sara Senatore: Oh, thank you. I wanted to, I guess, a follow-up on that, your comment about pricing and then a question. The one about the pricing, I know you said you pulled forward pricing, even though you lowered your commodity guidance. I understand that your views, you’ve taken less price than competitors, and your insights on that is probably better than mine. But do you – I guess, as you think about taking more or pulling forward price when commodities are dis-inflating. What was, I guess, the thought behind that and the idea of maintaining your relative value? And then, like I said, I have another question, please.
David Deno: Yeah, we do a deep look at value whenever we look at our pricing and our mix. And we’re in really good shape there versus competition. And we made a lot of progress in value. We still are a beef-centered basket here at Bloomin’ Brands, and so we have to be always watch that. But we’ve tried to be extremely careful and extremely modest on any pricing that we’re doing.
Sara Senatore: So it’s just more of a timing issue based on that.
David Deno: Yeah, absolutely.
Michael Healy: Yeah, the pricing was contemplated. I think we just pulled it forward a little bit earlier, but to Dave’s point, it’s always something that we study, very deeply to understand what’s the little amount of pricing that we can take to continue to support value with our guests. But we have other ways to drive value with our guests, whether it’s our compelling LTOs and, obviously, Dave spoke to some of the improvements in the guest experience at Outback. And so that certainly contributes to the overall value for us.
Sara Senatore: Got it. And the decision to pull it forward, was that based on anything specific?
David Deno: No. I guess as we looked at the year and the forecast and everything, we just tried to make sure that we have commitments out there, we’re just trying to manage them the best we can.
Sara Senatore: Got it. Okay. And then a quick question on the consumer, and I know we’ve talked to this at length [ph]. So is a low-end consumer, is that consumer doing worse or spending less? I mean, it feels like that’s been something that that dynamic has been in place for the better part of maybe in the last 2 years. So as you think about softness in the industry versus expectations, is there some kind of sort of measurable change? And to that point, I always think of your average consumer is processing higher income than the country as a whole. So is that low-income consumer a meaningful part of your customer base?
David Deno: Yeah, it’s not as meaningful as some other concepts, but it is part of our business, so we have to watch it. But, yes, there has been somewhat of a pullback on the low end in our company, in our concepts. We still see really strong demand during special occasions, on the holidays and things like that. So people are still celebrating at all levels of the income stream, income status. But I think we have seen some slowdown on the low end like we talked about earlier today.
Sara Senatore: Even sequentially versus maybe what you saw late last year or sometime last year?
David Deno: It’s been pretty consistent. There hasn’t been a dramatic change.
Sara Senatore: Got it. Okay. Thank you very much.
Operator: The next question comes from Lauren Silberman with Deutsche Bank. Please go ahead.
Lauren Silberman: Thanks for the question, and I also share my congratulations. I wanted to ask about the earnings guide, 2Q came in a bit below Street, you’re maintaining full year. It looks like the back half guide implies EPS is more heavily weighted in the back half of the year than what would normally be expected. So can you just expand a bit more on what’s expected in the back half of the year in terms of cadence?
David Deno: Sure. I’ll take the first piece, and I’ll turn it over to Michael. But an outperformance of Outback versus the industry, clearly, we expect that to continue. We’ve got a stronger promotional calendar at Outback, especially in Q3 and, therefore, our compares both from a sales and profitability standpoint, in Q3 and Q4 are much easier. And as we look at it or we’ve got – our guest experience work that we continue to make progress on and we expect to see, help us continue to take share as we move forward, especially at Outback. So those are the things from a sales standpoint, be it our experience, be it some of the marketing programs we have, be it some of the softness from last year that give us confidence about our guidance on the sales side.
