Mark Smucker: Yes, sure. I mean what I can speak to is largely pet snacks, specifically dog snacks. We did have a strong quarter on Milk-Bone and did see some good growth there. Part of the reason that we continue to have good growth is, as I’ve said before, the brand plays in that entire range of value from premium to more value-oriented or mainstream products. We have seen a little bit of a shift to more of this — the standard Milk-Bone biscuit, if you will. Our premium offerings continue to do well, but there may have been just a little bit of shift there. And then with — as we’ve improved our supply chain on Meow Mix and gotten the original blend item back into sort of the number one volume position, that also would speak to the fact that our mainstream consumers are continuing to buy that product. So, we feel very good about where our total pet portfolio plays at this point.
Operator: [Operator Instructions] Our next question is coming from Rob Dickerson from Jefferies.
Rob Dickerson: Tucker, just first question for you. In the prepared remarks, you talk about the derivative instruments for the Post shares that are being divested. And it sounds like that cash inflow comes in Q3. And it seems like kind of your leverage is now and then with your incremental cash coming in, you could potentially be at 2 times net or lower maybe by the end of the fiscal year. That, by far, is the lowest you’ve been in like almost 10 years, I think. So I’m just curious kind of how you’re thinking about potential incremental capital deployment. And I realize you buy back stock, increase the dividend. But once you’re hitting 2 times or less, seems like there could be incremental appetite, let’s say, for acquisitions. So just curious how you’re thinking about that. Thanks.
Mark Smucker: Rob, it’s Mark. Yes, we feel very good about our balance sheet right now. And obviously, this has been our intent all along. As you know, we have over the last couple of years been really focused in terms of refining our portfolio. But it does not mean that we’re not interested in acquisitions. We remain very interested. And as you know, the industry as a whole has been somewhat quiet on the M&A front, but it’s not for lack of investigating and looking, keeping lines in the water. And so, we hope that M&A will continue — or acquisition specifically will continue to play an important part of our growth story over time.
Operator: Next question is coming from Jason English from Goldman Sachs.
Jason English: Congrats on a strong start to the year.
Mark Smucker: Thank you.
Jason English: A couple of questions for you. So the SG&A favorability looks like it was really corporate expense-related. What drove it? And why shouldn’t we take that to the bank and assume it’s going to be lower for the remainder of the year?
Tucker Marshall: Jason, we saw some favorability within SD&A on the marketing line of some of our distribution and operations support lines and then also within our traditional corporate functions of administrative support. And really what we have made the decision to do is to continue to support our brands. So, we have some incremental marketing that we’re contemplating in the next three quarters. And also some of the expenses were timing-related. And so, those are coming back in the second quarter. So, we are not seeing SD&A favorability at this point in our fiscal year despite having seen it in our first quarter.
Jason English: So, I assume the timing was that corporate line because distribution is distribution. Marketing, that looks like it’s timing, right, because you’re holding the full year. Within corporate, what was the timing benefit this quarter? Because it was chunky. Your corporate was much lower than we expected.
Tucker Marshall: Yes. Just it had to do with various corporate items around accruals, incentives, timing of spend through various projects, so on and so forth.
