Irene Nattel: Thanks, and good morning everyone.
Darren Rebelez: Good morning, Irene.
Irene Nattel: Good morning. I wanted to come back to the subject of gas margins, which obviously is a great interest to all investors. So, as you noted, it’s what, five quarters that you’ve been in and around that $0.40 range. What would it take for you guys to get more comfortable with sort of a soft guide towards something in the high-$0.30s or even $0.40 versus the mid-$0.30s?
Darren Rebelez: Well, Irene, that’s a really nuanced question. For me to get more comfortable, I just have to see more of it, I suppose. Admittedly, it took me a while to get comfortable with mid-30s. But we got there because we just kept doing it. And so, I think we were able to get to $0.40 this last quarter. I would say last year, with everything going on in the Ukraine, we saw that spike in those $0.40s kind of came through more of an exogenous event. So, I would want to see a little bit longer timeframe of more normal — of a more normal macro environment and margins at this level before I’d feel comfortable underwriting that, at that level, at the upper $0.30s, low $0.40s. But the mid-$0.30s, because we’ve been there for so long. I’m very comfortable at that level.
Irene Nattel: Fair enough, and that’s very helpful. Thank you. And then just a couple of follow-ups. One, you noted that you’re 80% hedged on cheese prices. At what price? And you also noted an uptick in M&A activity. What are you seeing on multiples in terms of expectations?
Darren Rebelez: Well, I’d say with multiple expectations, it’s an interesting dynamic, because I would say that the EBITDA for some of these smaller operators has actually gone down, so the multiples are kind of hanging in there, but at a lower level of EBITDA. And I know that’s counterintuitive given the margins that we’re seeing, but I think it’s really indicative of the fact that these smaller players that lack scale haven’t been able to offset a lot of the cost increases in a way a company like ourselves has been able to. And so, they’re just under a lot of pressure even though they’ve got those higher margins. And so, I think that’s worked out to our benefit. And I forget the second part of your question.
Steve Bramlage: Maybe, I’ll try to answer that. So, we are 80% hedged, that’s correct, and at the current spot. We, obviously, hedge the commodity, that’s a little bit different than the all-in cost that we pay. But the all-in equivalent for the out quarters looks a lot like what we incurred in the first quarter. So kind of that [$2.12] (ph) or low-teen number is about what our strip looks like here for the rest of the year at the current spot.
Operator: Thank you. One moment, please, for our next question. Our next question will come from Daniel Silverstein of Credit Suisse. Your line is open.
Daniel Silverstein: Hi, good morning. Thanks for taking our question. Just one on the EG acquisition. So that deal add some stores, which will serve denser, larger metro areas like Bowling Green and Lexington, Kentucky. Just wondering if you’re seeing more opportunities to penetrate larger markets given the landscape today? And how you view the opportunities and challenges of bringing the Casey’s brand to those denser areas? Thanks.
Darren Rebelez: Yeah, Dan. When we think about markets like Bowling Green and Lexington, those aren’t real or significantly larger markets than a lot of the markets we operate in today. Lexington is a city that’s comparable to in size to Des Moines where we’re based. And so, we’re very comfortable at that level. This isn’t a Chicago or Los Angeles or New York type of scenario by any stretch. And so, if I’ve been to both of those markets. Bowling Green is a fantastic market for us. Lexington will be a great market for us. So — and we’re very comfortable operating in towns of this size. So, I don’t have any concerns there.
