Melanie Boulden: Yeah. So Michael, let me first talk about our pricing strategy in totality. So we have a strong revenue management capabilities as well as you know our leading brands, which is the foundation of our pricing strategy. And when we do implement price increases, we’re focused on our profitability and the health of our brands, while at the same time simultaneously being cognizant of the category, our competition and our consumer demand dynamics. And through these capabilities as well as our analytics, we can see that our elasticities are moving back to pre-COVID ranges and level. And at the end of the day, as you know, our goal is just to balance pricing and volume in a volatile commodity market.
Michael Lavery: Okay. Thanks so much.
Operator: [Operator Instructions] Our next question comes from Alexia Howard from Bernstein. Please go ahead with your question.
Alexia Howard: Good morning, everyone.
Donnie King: Good morning, Alexia.
Alexia Howard: So can I just start with Beef. I think you mentioned in the prepared remarks that it was going to be a year of two halves with more pressure on profitability in the first half. Obviously, this latest quarter came through a bit better than expected. and I know you don’t give quarterly guidance, but are we trending at the moment towards the sort of lower end of the range, and the expectation is that things will pull around. And why would they pull around in the second half? Just curious about the magnitude of how it skews first half and second half.
Brady Stewart: Sure, Alexia. Thanks for the question. And as we indicated, there is certainly a large range of outcomes, and there’s a number of different supply and demand dynamics that will come into play as we move throughout the year. When we lay out our forecast and our approach, we certainly look at a variety of different inputs, including seasonality, where we see different demand behaviors from the consumer, along with what we see from a supply perspective and have balanced what we believe to be appropriate amount of heifer retention given the environment into those forecasts. And so really that provides us that range of outcome that we look at for ‘24. We’ve done a really good job from a business perspective of continual improvement, which we believe relative to the industry available spreads that we see lent itself to the performance in Q4, and we expect to see those trends relative to our true controllables, move into ’24, and that has provided us with the range of guidance that we provided.
Alexia Howard: Okay. Thank you. And then on leverage, it’s kind of linked to the Beef question. I mean if there is going to be the sort of cadence through the year, do you anticipate that leverage is going to increase? And if so, by how much? Or how do you expect that to trend from here?
John R. Tyson: Hey, Alexia, this is John. So we do would project for leverage to tick up a little bit as we move through the first part of the year. And really what’s driving that is just lapping the quarters that we’ll see from the first half of last year. And so once we move past them through that, we would begin to expect our leverage numbers to start to move back then.
Alexia Howard: Okay. Thank you very much. I’ll pass it on.
Operator: And ladies and gentlemen, at this time I’m showing no additional questions, we’ll end today’s question-and-answer session. And I’d like to turn the floor back over to Donnie King for any closing remarks.
Donnie King: Thank you. While fiscal 2023 was a difficult year for our business, we finished strong and are more focused, collaborative and efficient than we were 12 months ago. While we’re not yet where we want to be, our plan and the decisions we have made are moving us in the right direction as demonstrated by a second quarter in a row of sequential improvements. In an uncertain macro environment, our priority continues to be controlling the controllables with discipline and agility. Our strategy is working. We have the right leadership team in place to deliver, and the bold actions we’ve taken are poised to drive long-term opportunity and shareholder value. Thank you, and have a good day.
Operator: Ladies and gentlemen, with that, we’ll conclude today’s conference call and presentation. We thank you for joining. You may now disconnect your lines.
