Mike Smith: Again, this is the first quarter. The first quarter results though do really give us — they bolster our confidence, as Lawrence said, the pricing realization, recovering those costs we’ve had and, frankly, over recovering in the year, which gives us more confidence, the GEO program, the implementation of those programs, which are very programmatic in nature gives us more confidence. But before we start celebrating, we want to, again, put points on the board in the second quarter. I will note, consumer margins, operating profit margin, up 110 basis points in the first quarter. We’re really happy with that. And while Flavor Solutions is still negative, it was about 200 basis points less than that last year. There was a sequential improvement from the fourth quarter, and we’re really focused on driving those margins higher this year.
Lawrence Kurzius: And I think you’ll see as we go through the year, that we will steadily improve that flavor solution margin performance. But as Mike said, this is our first quarter, it’s also the smallest quarter of the year. We certainly bolstered in our confidence, but we don’t want to get overconfident.
Max Gumport: Great. Makes sense. And then on the GOE program, is there a number you’re giving for the first quarter? I realize it’s $75 million for the year, but just curious if you can get in for what occurred?
Mike Smith: Yes. I mean basically, like two months ago, we said it’s a small impact on first building into the second then in the second half is where you see the significant impact it scales up.
Operator: Our next question is from the line of Steve Powers with Deutsche Bank. Please proceed with your question.
Steve Powers: Yes. Just going back maybe to the question on trade inventory that I think Alexia originally raised. Just to play it back, it seems like from what you had said before that you exited the quarter with trade inventory levels roughly in balance from the consumer business. Just want to make sure that was correct. And then so as we go forward, I guess the base case is that you ship more or less to consumption for the balance of the year with maybe a little bit of opportunity to ship ahead to the sense that the renovation work leads to those incremental distribution points. Is that the right interpretation of what you said so far?
Lawrence Kurzius: Well, I think if I took the question mark of replacement, we have the answer. But Brendan, do you want to comment on that?
Brendan Foley: Yes. I mean maybe, Steve, just to focus on the front end of your question first. What we saw in the first quarter, we did — shipments were in line with consumption. But I think more importantly, the dynamics that we would typically see in the first quarter following a holiday season played out as it behave much like a normal period of time. So that’s what we’d hope to see in Q1. That’s what we did see in Q1. And what that, I think, means looking ahead now, which is kind of the back end of your question is we see things normalizing and operating a little bit more like we would typically operate. I have to think a little bit of what that means by the end of the year, but we would just see a shift to consumption model really play out as we normally do.
Just remember, though, in that fourth quarter, we have a big — that’s our biggest quarter of the year, in our big holiday season. So we tend to kind of even things out after Q1 and then sort of like begins again as we think about that cycle. So that’s the way I would think about it. But the important takeaway for me and I think maybe in this call is that we saw a normalization of that, how that would typically behave in Q1.
Operator: Our next question is from the line of Adam Samuelson with Goldman Sachs. Please proceed with your question.
