Sara Senatore: Thank you very much. I had a question about pricing. I think the pricing that you’re running is below what your direct competitors are doing. And so I guess I have two questions about that. One is I think your franchisees perhaps have seen more margin compression over the last couple of years. So is the expectation that you can claw back all of the margin or your franchisees kind of willing to wait on that margin percentage if it means that they can underprice competitors. So I guess it’s a broader question about value and your franchisees sort of tolerance or willingness to pursue that? And I guess the second question is, what is your definition of value? Do you see an increasing need for like price point value or these sort of focus on bundled value. And I know you talked about this a little bit at the beginning of the Q&A, but I’m trying to understand sort of the value contract? Thanks.
Gunther Plosch: Good morning, Sara. You packed a couple of questions in there. So on the system, we had a — we had a little bit more than 4% pricing. So you’re right, it was a little bit below food away from home inflation. Most of it was carryover pricing. Franchisees are actually happy with the financial progress they made in 2023, right? When you grow U.S. profits in the system by 9%, the Canadians are really happy. They grow the profit by 25%. So there’s definitely good alignment there, and we’re not stopping there. We’re going to for sure, push profitability further. I have to say we’re going to stay careful on pricing. We’ve always said that. We are expecting low-single digit pricing that the system is going to execute this year.
I don’t think we’re going to get too greedy. Flow through on pricing remains 70% to 80%. And we need to be careful, right? So we have an external pricing consultant out there that helps the system to make sure we’re making the right pricing decisions. And so that’s kind of our outlook in life. From a value point of view. Kirk, do you want to talk a little bit more about that?
Kirk Tanner: Yes. I mentioned it earlier. Look, I think we’re positioned well with value. One, we have a menu item that is, I’d say, consumer famous and Biggie so consumers know they can get great value at Wendy’s. I think that’s in concert with the rest of the menu where we have balance. So we have the ability to reach consumers across multiple demographics. And then I think that you’ll see us continue to use our digital platform to drive value. I think those are the key things. I feel like we’re well positioned to win customers over in this environment.
Operator: Thank you. Our last question comes from John Ivankoe from JPMorgan. Please go ahead.
John Ivankoe: Hi, thank you so much. The question is on U.K. Europe. First, just remind us how many units we had in the U.K. at the end of the first quarter. And what are you really looking for there to really go for a more scale-driven strategy? I mean I don’t need to tell you. I mean, you’re a relatively small fraction of some of your peers, which have been in the market in some cases, decades. But are you seeing the kind of performance where you say you should have hundreds of stores in the U.K. These guys kind of like the first question of the economics would support that. And secondly, Kirk, as you have more time in the seat, how are you thinking about Continental Europe? And as I think about the percentage of your international development that you do expect to come from U.K. and Europe, I know you gave the split between U.S. international, if we can just dive one step further in terms of how important the U.K. Europe strategy is in terms of future contribution to that growth?
Thank you.
Gunther Plosch: Good morning, John. Maybe I’ll kick it off. So from a numbers point of view, we had 37 restaurants in the U.K. at the end of the first quarter, 12 of which were — 12 of them were company operations. To give you a little bit on — from a margin point of view in the U.K. as you probably have seen already the impact of the investments we are making in the U.K. had an adverse impact on our consolidated margin of about 60 basis points. Interesting enough, however, year-over-year, our consolidated margin improved by 90 basis points. So more of an improvement that we have seen in the U.S. Also we are making progress in U.K. profitability. We continue to expect for the year headwind on the U.K. operations in our consolidated margin of about 50 basis points.
