Rick Cardenas: Yeah. And David, I’m going to add one more thing. If you think about us saying that we’d like to see a little bit of a buffer in our net present value over our cost of capital, that’s because we have all the capital we need and so we’re going to be selective in projects. And the thing that’s going to keep us from growing way faster than our long-term framework unit growth is having people ready to run those restaurants and that’s what we focus on as well. We’re focusing on developing people and we think we’ve got a great pipeline of people as well.
David Tarantino: Great. Thank you.
Operator: Thank you. Our next questions come from the line of David Palmer with Evercore. Please proceed with your questions.
David Palmer: Thanks. Just a follow-up, this was asked before, but I’m not sure I quite got the answer. Given where food costs and route synergies are coming in, we were surprised that you’re not also increasing the low end of your EPS guidance for the year — fiscal year. What are the potential offsets to what we’re seeing in terms of what looks like upside to your plan on the EPS and the EBITDA line?
Raj Vennam: Yeah, David. I think it’s a fair question. But we’re just one quarter in, right? So there’s nine months to go. There’s been mixed data on the consumer. We’re trying to understand what’s going to happen. And so we felt like it was too early to really come off of the range we provided. As I said earlier, our point estimate from the beginning of the year to now has moved up a little bit. I mean that’s because of our performance in the first quarter, but that doesn’t mean we’re outside the range. So we didn’t feel like we’re at a place where we needed to change the guidance range. And there’s — so to your question around uncertainty, there are a few things. Primary biggest risk is obviously on the consumer, what happens with the consumer.
Second is on the commodities. We’re trying to understand what’s going to happen, especially with beef, 22% of our basket is beef. So there’s some risk there. Now the pricing in beef has remained pretty high because of the supply being down in the mid-single digits. We’re starting to see some additional imports that might help on the beef front, but it’s too early. So I guess all things considered at this point, we felt like it was prudent to stay with the guidance we provided.
David Palmer: Thank you for that. I know you’re not going to give the game plan for the company in terms of marketing in ways that you might pivot. But I’m wondering, just generally speaking, if we’re seeing the industry trend worse than the flattish type trend that would be consistent with your guidance given your current [indiscernible]. If your traffic is down more than just modestly or you see it going that way. How — can — how would you adjust? I mean, what are the ways and Rick said, you’re not going to go deep discount route, but what ways do you think you would adjust with your major brands? Thank you.
Rick Cardenas: Yeah, Dave. You’re right. We’re not going to give you too much information on what we would do. But just understand that we believe that the best long-term health of our business is to keep our strategy of overall pricing below inflation, running better restaurants and not getting into a huge deep discounting to buy guests. We think that brings in the guests that just come in that are a little bit less core to our business and we’re going to continue to operate our restaurants to drive one more visit from our core guests. And if that means that others start doing some heavy discounting, we’re going to stick to our strategy. And even if it means that it’s a short term, it impacts us a little bit in the short term because we think we’ll be better off in the long term if we stay with where we’re going.
