Dave Marberger: Yeah, sure. So, Jason, obviously, we’re looking at our cost very closely. If you look at the quarter, our productivity performance was really strong. Our supply chain organization does a phenomenal job especially now that we’re back to a kind of more accommodative operating environment to drive our productivity, and we’re seeing that. So that’s a big driver, obviously, for us. You look at SG&A, we’re — 9.1% is where we came in last year, we’ll be around that again this year. We’re very efficient, we’re as efficient as any food company out there, but we’re always looking for opportunities. And then we obviously have our Ardent Mills joint venture, which continues to do really well. We’re holding to our guide for the year there, but there’s still really strong momentum in Ardent Mills.
And that generates cash for our business. And so there are places we’re always looking, but we’re always looking to just make sure we’re finding opportunities to drive savings so that we can continue to invest in the business.
Jason English: So Dave, I’m going to put words in your mouth to see if I’m understanding this right. I appreciate what your guidance is predicated on, that’s top line acceleration. But I think I heard if that doesn’t come to fruition, there could be some more opportunities on cost and there could be some upside opportunity in Ardent Mills. Did I hear that correct?
Dave Marberger: That’s what we’re always looking for. So we’re — productivity coming and Ardent is off to a good start.
Sean Connolly: Yeah. Part of it, Jason, is culturally the way we operate. We are wired to be a very lean, very adaptable, very agile team. We don’t have a lot of orthodoxies around here or things that we’re not willing to do to get to where we got to go. So we’ll — we’ve got a great team. They’re going to get us to do what we need to do throughout the balance of the year and we’ll be super agile as we always are in an environment that’s highly dynamic.
Jason English: Yeah, I would definitely recognize and respect that. Thank you very much.
Sean Connolly: Thanks.
Operator: And our next question today comes from Steve Powers with Deutsche Bank. Please go ahead.
Steve Powers: Hey, thanks. Good morning. So I kind of wanted to build on what Jason just asked about because it sounds — I guess the question I’m left with is, if the consumer behavior shift that you’re expecting doesn’t play out as we go through the balance of the fiscal year, are you committed because of looking forward to ’25 and beyond, are you committed to the investment spend that you’ve articulated in 2Q and 2H? Or does that itself become a lever to pull to preserve bottom line dynamics? And it sounds like in the first quarter, given what the environment gave you, you delayed some of the spending. Maybe that’s the wrong read, but it feels like you delayed some of the investment spending because the demand was weaker. Now you’re planning it later in the year as you expect demand to pick up I guess the question is, if that consumer behavior shift doesn’t happen, do you keep spending?
Sean Connolly: Yeah, Steve, I think the easy answer to your question is we manage this business for long-term value creation and long-term success with the consumer. When you get caught up in these short-term windows of consumer behavior shifts, people always ask the question, well, in this window, what’s more important, sales or profit? And obviously, you always want both. But when you see short-term behavior shifts, sometimes you have to be smart and you’ve got to ride the way in a patient and pragmatic way. And that means not trying to force things before they’re poised to pivot. Otherwise, you can end up with either metric working for you. And as I said, we will invest smartly. We’ll pick our spots. We’ll focus on quality merch, A&P and our biggest brands and awesome innovation and we’ll keep a strong determination to drive brand health and value creation for the long term.
