Cody Ross: Good morning. Thank you for taking our questions. I just want to follow-up real quick on the Americold disruption. Thank you for the color there. Do you expect to recover those sales in fiscal ‘24? If so, can you detail when? And I’ll start and pause for a second before my next one.
Dave Marberger: Yes. Cody, it’s Dave. So in that situation, obviously, we were disrupted on shipments. So we were backed up and had to catch up during the month of May. So anything that didn’t get out, which we quantified for Q4 would just flip into Q1. So it’s just shipments that we didn’t ultimately get out the door. So that’s that.
Sean Connolly: Just regarding that, Cody, is that we probably were out of stock in some stores when we couldn’t ship for a while. So I’m sure if the consumer was looking to buy one of our products, they couldn’t and they needed to make some purchase that in that shopping trip, they grab something else. We’re probably not going to get that back. But at this point, that consumption loss is water under the bridge.
Cody Ross: Understood. And then just tangental to that before I ask my next question, is it fair to assume that 1Q would be the high watermark for organic sales for the year just because of the shipments going from 4Q into 1Q and also the wrap around price that you detailed for 1Q?
Dave Marberger: We don’t guide by quarter, Cody, but we – as I mentioned, Q1, we still will have the big impact from price mix.
Cody Ross: Understood. Thank you for that. And then just real quickly, I want to pivot to Ardent Mills. It continues to perform better than we expected. You guided JV income of $150 million for the year. And on prior calls, I think you guys noted the contribution was north of $80 million prior to the spike in weak prices. How much visibility do you have at this point to the $150 million? And what does that assume for weak prices?
Dave Marberger: Yes. We have a lot of visibility, and you can you can assume that we have been through the details with Ardent. We review the business with them very closely. The level of profit we are guiding to is pretty consistent with where the business came in, in fiscal ‘22, right, so at that similar level. The thing that I have really come to appreciate personally is it’s such a great business. It’s a young business. It’s only 10-years-old. They have made investments in the business and they continue to grow. So, their core business continues to do really well, and then they have a trading aspect of the business, too. So, it’s a business that’s growing. It has a lot of competitive advantage in it. And so we are really bullish on the business. It’s a really great business.
Cody Ross: Thank you. I will pass it on.
Operator: Our next question will come from Max Gumport with BNP Paribas. Please go ahead with your question.
Max Gumport: Hi. Thanks for the question. With regard to the shift in consumer behaviors that you called out, I am curious if there is any commonalities at the impacted category of share? And then what data points you are seeing that suggest to you it’s short-term in nature? Thanks very much.
Sean Connolly: Well, when we look at this, Max, we pull the data across the entire food space by category, just to see if as dollars roll off and individual categories wrap price, you see that in sync improvement in volume trends. And you are really not seeing it. Even if you look at the scanner data that just came out for the period ending 7/1 you see Conagra and our five nearing peers are basically in the exact same place in terms of unit performance change versus a year ago. And we are probably all better served by looking at the unit volume change versus 2 years ago to get the noise out of the base period last summer. And when you do that, it’s really kind of uncanny, everybody’s volume is at an extremely tight band of down just over 6% in the last several periods.
