More importantly, though, we saw a 5% growth rate last year in our — in the number of stores that we have. And we think that we’re going to continue to see a 5% to 10% growth rate in our branded wholesale market year-over-year. In fact, in 2023, we’re hoping it will be towards the upper end of that range. So from that standpoint, we do think there’ll be growth in our in our mid-cycle number.
Paul Cheng : Mike, can I circle back about the LCFS. Have you achieved the certification on that?
Mike Jennings: Paul, we’re still operating with provisional for the Artesia facility, and we expect in the first quarter that we’ll get the permanent certification.
Operator: Your next question comes from the line of Ryan Todd from Piper Sandler.
Ryan Todd : Great. Maybe a couple — maybe, one, first of all, on cash return to shareholders. I guess, I’d say congratulations, Mike and Tim on the retirement and promotion. On cash return to shareholders, which continue to be really impressive and obviously well in excess of your earlier guidance, can you talk about how you’re thinking about that run rate going forward? How aggressive you may look to be there versus building additional cash on the balance sheet? And in general, is this kind of $400 million a quarter the type of run rate we should expect for a while? Or how can you bookend us how to think about that going forward?
Atanas Atanasov: This is Atanas, and thank you for your question. As Mike indicated in his prepared remarks, we remain fully committed to our capital return strategy. And as we pointed out, a 16% return for 2022 is very healthy. With respect to owing capital return for 2023, so far, 2023 is shaping up to be a nice year in terms of cracks. And we remain fully committed to what we have been doing. So with respect to pace, we don’t — we’re not going to guide to pace, but we can say that we’re not shy to exceed the 50% target payout ratio that we have talked about previously, both in terms of when you look in buybacks and obviously the dividend.
Mike Jennings: And Ryan, we’re also starting from a position of privilege and that we began the year with $1.6 billion on the balance sheet, which does represent itself some excess cash.
Ryan Todd : Is there — on that cash on the balance sheet, is there a kind of an appropriate level of cash that we should expect you to carry on the balance sheet going forward?
Atanas Atanasov: Yes. Previously, we talked about the range of around $500 million, but that’s not a hard and fast number. We take into account our immediate capital needs. And as we’ve indicated in our press release and remarks, we’ve got to write some pretty large checks early in the year. But as we progress through the year, obviously, we’ll look at our cash balance. And again, focused on very robust shareholder return, which includes looking at our cash balance.
Ryan Todd : Great. And maybe a follow-up on the earlier question on the renewable diesel business. Outside of — I appreciate the kind of the clarity on the operational issues. Outside of the operational issues, can you talk a little bit about what you’ve learned from nearly a year of operations on in terms of placing renewable diesel product into the market? And feedstock acquisition, maybe what type of feed mix you’re running? Have product sales and feedstock acquisition been about as you expected? Or have you seen any challenges there?
