Michele Buck : I just say job one right now for us is integrating the amazing acquisitions that we bought SkinnyPop, Pirates and Dot’s, and we’re investing to leverage their full potential. However, we do always continue to be in the market, looking at assets that can continue to advance our strategies, expand our portfolio appropriately into high growth, consumer demand segments. And we certainly do have a lot of balance sheet flexibility to be able to do the right M&A, if it becomes available.
Steve Voskuil : That’s right. And I would say more broadly, from a capital allocation standpoint, no major changes. We definitely want to be giving back cash and repurchasing shares as part of our strategy. That puts good tension on the internal investments and M&A to make sure we’re getting the best return. And so that’s an area we’ll continue to monitor. We’ve got a lot of CapEx this year. And so that’s one thing that we’re taking into consideration as we look at the overall balance of capital allocation.
Operator: Thank you. Our next question comes from line of Chris Growe with Stifel. Please proceed with your question.
Chris Growe: Hi, good morning.
Michele Buck : Good morning.
Chris Growe: Hi. I just had a question. First, if I could a bit of a follow-on to an earlier question, but in particular in the salty snacks division, with the margin being so strong, and in the fourth quarter and reaching over 20%. Was there anything unique to the quarter? And then I certainly heard about investments you want to make both internally and advertising throughout 2023. I guess I just want to understand how you expect the margin to fare throughout the year as margins expand, but just not to the level of which it did here in the fourth quarter.
Steve Voskuil : Yeah, we’re really pleased where the fourth quarter finished. Probably two things drove that. One we did have easier laps in the fourth quarter. And then second, you know, we said earlier, we are seeing pricing, catching up a little bit more to some of the inflation that we saw over the course of the years. We’ve got a little bit of a benefit of that. As we look to a margin for that business going forward and into next year, we want to again, on the gross margin line, expect to see some continued advancement. We got a lot of plans to still optimize that business. And we’ve talked before about streamlining the back office, streamlining the supply chain, network, better integrating all of that with our existing Hershey systems, and so forth.
And so in fact, we’ll talk more about that when we get to our March Investor Conference, and spend some time on that. But have aspirations to continue to see that profile up over the course of the year. But as Michele said, we are going to reinvest some of that back between the lines to accelerate the top line to invest behind the brands. And then on the capability investments like ERP. But I’d say the key takeaway is we have still high margin aspirations for that business as we look forward over the next couple of years.
Michele Buck : And most of those will occur over the longer term. We don’t expect significant margin expansion or margin expansion in ’23. Okay, that’s helpful. Thank you. And then just a quick follow-up, if I could on to understand how inventory will fare for the year. You talked about depleting some inventory late in the years. You’ve converted — or moved to the new ERP system. Should inventory grow to the year and then you deplete it? Or does it hold this level? Then it goes just goes lower as you kind of move that inventory out? Have you built it already, I guess is the question, or do you expect to build more?
