Eric Gonzalez: Hey, thanks for the question and good morning. I’d like to ask what about sales if I can. One of your biggest competitors has been on air quite a bit lately. It’s been mostly brand messaging, but also a little bit of value. And from your strong fourth quarter results, it does seem like it didn’t have much of an impact or perhaps even benefited from the higher level of media attention on the category. So maybe if you can comment on how you think the heightened competitive messaging affected your business in the fourth quarter and what it can mean for the trend going forward in 2023?
Todd Penegor: Yes, I think we continue to do a great job of having a very balanced calendar. When you think about what we continue to do on $5 Biggie Bag to bring folks in for affordable great tasting food, that’s a great offer. The news we continue to bring on Made to Crave continues to allow folks to trade up and through their purchase cycle in the course of the month, you can buy on the low side of the menu and the high side of the menu. And things like bringing Peppermint Frosty into the restaurant really is something that drives our iconic Frosty brand, but actually a great halo to the rest of Wendy’s. There is a lot of activity, a lot of folks out on air, no different than we’ve always seen. We’re out there on air actively at the moment.
We’ve got strong messaging going on as we start the year. So we feel like we’re really well positioned to continue to compete, both from the perspective of where our momentum was as GP just commented on the fourth quarter. But with the plans that we have in place moving forward, we feel really strong that we’re well positioned to continue to win in the category.
Operator: Our next question comes from the line of Alex Slagle with Jefferies. Alex, your line is now open.
Alexander Slagle: Hey, thanks. Good morning. Just looking for any additional color on the org redesign, so on the timing, what led the realization that there was a more efficient path. I’m sure there’s something continually you’ve been reviewing and then back on the confidence you can contain the cost, if you could just reflect on where you stand now with building up the teams and capabilities to deliver on the digital and growth plans, just comfort that you’re sort of cresting the peak of investments here?
Todd Penegor: Yes, back to €“ as I said a little bit earlier, the timing was one that we had to make some of the senior structural changes first to get that out, so we can continue to do the work to look at the organizational redesign that we said we were embarking on to make sure we can lock down our plans over the next 30, 45 days. So we can kind of share all of that outlook as part of our 2023 guidance and have that thinking factored into our longer range targets. But we’re absolutely committed to holding our G&A relatively flat in 2023, 2024. We think we can reallocate a lot of those resources to ensure that we’ve got the right focus on traditional net unit development across the globe. We think we can leverage a lot of our great marketing thinking even better across the globe.
And clearly, we can continue to drive digital with a global mindset, which we’ve had to date, but I think we can be even more focused on it. So I think all of those things set ourselves up to build off of a very strong foundation and a business that has a lot of momentum to take us to a whole new gear of growth.
Operator: Our next question comes from the line of Joshua Long with Stephens. Joshua, your line is now open.
Joshua Long: Great. Thanks for taking the questions. I was just curious within the context of the new capital plan, how you think about carrying your cash balance going forward? Obviously, we can work through the implications for the share buyback and the dividends. But just curious as you think holistically or maybe philosophically, just about the amount of cash that you would like to carry on your balance versus historical periods?
