Garth Hankinson: And, Dara, as it relates to the gaps in Circana versus depletions, and as you mentioned in your question, it can be a bit difficult to draw parallels between the two. Look, for the balance of the year going forward — for at least the balance of the year going forward, and we’ll give updates on this as we see fit, but I think you still have to think about that gap being in the mid-single-digits. That being said, I’ll kind of remind everybody of the comments we made at [your] (ph) conference last month, which is, we think that looking at this, that syndicated consumer takeaway data is really best to gauge long-term trends as well as relative performance. Just as a reminder, for our own business, Circana only picks up 50% of our total volumes, and there are certainly gaps between the volume growth of different tracked channel data providers.
And importantly, you don’t see things picked up per se as it relates to differences in time periods, meaning there can be shifts between key weekends or holidays between period to period that make it hard to tie depletions with the Circana data. So again, this is not — we don’t use the syndicated consumer takeaway data the way that you do, and that’s why we say it’s not necessarily the best way to gauge our business.
Operator: Thank you. Our next question comes from the line of Andrea Teixeira with JP Morgan. Please proceed with your questions.
Andrea Teixeira: Thank you, operator and good morning, everyone. So, with your comments just now on the cadence of the quarter and into the fourth quarter, I wonder why you haven’t raised guidance for [the end of fourth quarter] (ph) in terms of top line? And the second part of your question, looking ahead into the strength, how much do you expect that the sharp resets on the back of the strength will come, will structure for that type of 7% to 9% algorithm? Thank you.
Bill Newlands: Well, let’s start with the second question first. We were quite pleased with the more limited changes that occurred on the shelf set in the back half of last calendar year. But we’re expecting significant gains greater than our growth profile here as we get to the spring resets. You would notice that we fully expect that we’re going to finish our year in a very strong performance. You will note that we raised the bottom of our guidance, as Garth noted, and I think I noted in my remarks as well. So we actually have raised our expectations around the income side. And of course that translates through into better cash and various other things as Garth noted. So I think you should take away what I hopefully we were trying to portray, which is our business continues to deliver exactly what we’ve told you what we would deliver on the beer side, 7% to 9% top line growth and strong bottom operating growth to match.
And certainly I think our depletion rate coming out of Q3 reflects that strength.
Operator: Thank you. Our next question comes from the line of Rob Ottenstein with Evercore. Please proceed with your question.
Rob Ottenstein: Great. Thank you. Two questions. First, so wondering if you could talk a little bit about pricing. I know that you’re talking about 1% to 2%. It was 1% here. So kind of two parts to this. One, what is the kind of the general environment for pricing in the beer industry now, the sense that you get? And second, I know that you do kind of a sporadic pricing, so it’s — a lot of the country is zero and then certain parts is maybe 4% or 5% percent and so then it averages out 1% to 2%. Can you talk a little bit about kind of the timing of your price increases? My understanding that your major competitors are pricing at the end of January and the beginning of February. So how does your pricing fit into that? So that’s question number one.
And then question number two is kind of hearing a little bit, reading about an innovation, Corona Sunbrew, I think Sunbrew’s Citrus that’s off to a good start. I was wondering if you could talk a little bit more about that. Thank you.
Bill Newlands: Sure. Obviously, I’m not going to comment on competitor pricing, but what I would say, Robert, is we said early on, and in fact, some of you probably questioned Garth and I on occasion about it, that we believe that 1% to 2% was the right approach. We’ve done that historically over the long run. We were a little bit higher than that during the really high inflationary timeframe around COVID which we fully acknowledged and recognized. But I go back to what we’ve always said, which is, we really want to keep our consumer. It’s a whole lot more expensive if you chase them off and have to go reacquire a consumer than it is to never lose them in the first place. And the 1% to 2% algorithm has proven very solid for us over the long term and it’s one that we’re going to continue.
I think certainly you see in other categories, people being careful about pricing. And I think that reflects just an understanding of where the consumer may or may not be in various categories. As it relates to innovation, Sunbrew is coming. We plan to talk mainly about that at our introduction for that, which will occur at the beginning of March. So I’m not going to spill all the beans on it, but we’re particularly excited about that. We think it’s going to be, again, another very interesting new product launch for our company on the heels of very successful Oro launch and very successful Aguas Frescas launch that has occurred in Modelo, which, as you know, is also expanding here in the coming years. So please stay tuned on that one. But I think we’re very optimistic that that provides some great opportunity in the Corona franchise.
Operator: Our next question comes from the line of Lauren Lieberman with Barclays. Please proceed with your question.
