Daniel Imbro: Hey, good morning guys. Thanks for having our questions. I guess, I want to start again, Mike, maybe on the 300 small or underperforming stores. Obviously, they’re seeing the same maybe deferrals and struggles as the rest of the industry, but I’m curious, just operationally, when you look across them, we’ve been improving those for about a year. They’ve generally done better than the stores. Like what’s left to do from a self-help standpoint in those smaller stores? Can they grow without an industry turnaround, or from here are they kind of dependent on a similar macro improvement at those 300 underperforming stores?
Michael Broderick: Daniel, when I look at the overall store performance, I focus on those underperforming stores as a double-digit growth opportunity for us. There’s a lot of variability in that performance. I actually see a large subset of those stores that are performing extremely well. That gives me a lot of confidence that we’re on the right path. It’s a people story, it’s a retail execution story. I would say this is always going to be something that we’re going to focus on from the day I started with the organization. We always identified underperforming stores, poor performing stores. It’s just part of retail. These stores are located in good areas. It’s all about people. It’s all about process. It’s all about execution. And that’s why it’s always going to be part of our storyline of — the reason why I feel confident that we can grow this company.
Daniel Imbro: Okay. That’s helpful. And then maybe moving over on the market share side, I think your commentary said you retained share in the higher margin, higher tiers, but obviously I didn’t hear a commentary in the lower end tiers. So is it just that we’re seeing some competitors be price irrational out there on that opening price point, so you just don’t maybe want to retain share there? And then based on history, just if you could share some context during periods of past macro pressure. I would guess opening price point, maybe gains a larger percentage of industry sales. Is that true? So maybe where you guys are losing share, is that going to maybe become a bigger part of the industry for the next few quarters if the macro keeps getting tougher?
Michael Broderick: We don’t see — we saw — first of all, just to go back to market share, we definitely decided not to over assort our stores with OPP tires. So it wasn’t just about pricing, it was about assortment too. And there’s a lot of reasons for it. We proved that out in Q4 that when selling we — in Q3 when we — of last year when we sold a lot of OPP tires, we didn’t make a lot of money on it. When I look at market trends, I do believe that tier one through three have a position in the customer’s from a customer lens. They absolutely have demand. We did not expect to have a soft tier one through three when we looked at this — in our — really our forecasting and our performance modeling, we do expect that business to come back and when that comes back, we’re well-positioned for it.
We have an OPP offering that tier four, we have it in our stores. It’s priced right. It’s just a question of we’re not going to lean into it because when we lean into it, we saw that we don’t make money. We saw customers trading down from 1, 2, 3 unnecessarily into tier four and we wanted to stop that because it wasn’t good for the consumer.
Daniel Imbro: That’s helpful color. And then last one, maybe Brian, just to follow up on Bret’s question. Cash conversion has stabilized, cash flow maybe improves when sales do, but can you talk about how you’re just thinking about uses of cash? Another quarter, I don’t think you guys were active on the buyback, just where does that fit into your capital priorities? And maybe what are you guys looking forward to get more active on that use of cash? Thanks.
