Dara Mohsenian: Hey, thanks. So maybe can we just extend that question a little bit? You mentioned some of the strength in Mexico. International came in very strong in general in the quarter. Obviously, you have a lot of different countries and regions within that and two distinct businesses. But just high level thoughts on what drove the international strength the state of the consumer internationally? And then I’m thinking particularly about the pricing side of things. Obviously, we’re sort of cycling tougher comps going forward, globally, not just internationally, but can you also give us an update on the competitive environment you’re seeing around the world heading into a period when in theory pricing drops-off as we cycle these tougher comps? Thanks.
Ramon Laguarta: Yeah. Thank you. Thank you, Dara There are obviously some markets around the world that are suffering from currency situations and there we have to adjust to the reality. And I’m talking about Turkey, Pakistan, Egypt, Argentina. So there are subsegment of markets where I would not apply the global rule and we’re acting very specifically in those markets. But beyond those markets overall, we’re seeing and I think it’s because what I was saying earlier, unemployment levels being very low. We’re seeing consumers continue to behave in a positive way. Our category penetrations in most of those markets is still relatively low, and we continue to be an affordable treat in those markets. So our products continue to be part of the repertoire that they can afford and they make trade-offs to stay within our category.
So we’re seeing that in a very positive way. Now competitive wise, I think there’s very rational competition across the world from what I — from what we can observe, in the first half of the year, both in our snacks and our beverage business. And that’s what we’re assuming in the balance of the year.
Operator: Thank you. One moment for our next question. Our next question comes from Lauren Lieberman with Barclays. Your line is open.
Lauren Lieberman: Hey. Thanks. Good morning. I’m trying to get a little bit more specific around the [Technical Difficulty]
Ramon Laguarta: Lauren, hi. We cannot hear you very well. You come in. [Multiple Speakers] you’re breaking up. I don’t know, if it’s our phone or it’s — now it seems to be better.
Lauren Lieberman: Is it better a little?
Ramon Laguarta: A little better.
Lauren Lieberman: I will hang up, and call back.
Ramon Laguarta: Okay. Thank you. Sorry for that.
Lauren Lieberman: Bye. No.
Operator: One moment for our next question. Our next question comes from Bonnie Herzog with Goldman Sachs. Your line is open.
Bonnie Herzog: All right. Thank you. Good morning, Ramon and Hugh. I wanted to circle back on your guidance. I just had a question on it. Your new guidance implies, I guess, above algo growth in the second half, but I guess doesn’t really imply much bottom line leverage. So I wanted to understand if there might be some level of conservatism baked in or if you’re planning on stepping up your reinvestments in the second half or if there are any incremental headwinds we should be aware of? Thanks.
Hugh Johnston: Yeah. Great question, Bonnie. It’s Hugh. You’re right in that, the balance or the — yes, the balance of the year guidance is in effect 7.5% revenue, 8.5% EPS. That’s the squeeze on the balance of the year. What is implied in the margins are two things. Number one, actually continued strong productivity. And if you look at where we are year-to-date, our pricing and our commodities are right in line with each other. So the margin improvement that you saw in the quarter 132 bps on gross and 45 on net is entirely driven by productivity, which is reflective of the productivity investments that we’ve made over the last couple of years in things like digitalization and in automation and then leveraging Global Business Services to standardize how we operate that’s actually kind of been a pivot this year.
