David Bastian: Thanks for your question. Two quick things. First, I was curious to hear a little bit more on your thoughts around buybacks. You guys had used the authorization time back in February and March. I do hear your stock right now you’re trading around the $800 million market cap. You just posted about $225 million of EBITDA for this year. So you’re trading a little bit under 4x that. So, it seems like in this environment, I don’t think we’ve gotten a little softer, but buybacks will be very accretive to the valuation of the Company. So just curious a little bit more, I know you addressed capital allocation a little bit earlier. But just a little bit more about the decision to do a special here instead of putting some of that money towards buybacks, that valuation.
Greg Roberts: Yes. I mean I think it’s a bit of a moving target. The last buyback that we did, we were very clear on the range and the price that we bought the stock back at. Since that time, we have not seen the stock approach that level again. And I think that we’re always open to the changing capital allocation equation that we go through here from a management perspective. But I think that as it relates to the special dividend, we have said before that when we have a good year, we believe we should reward with a special dividend. As it relates to the buyback strategy and how we allocate to that, it’s going to depend on all the circumstances and the moving targets that I just discussed. It has a lot to do with where we are, as I said, in the M&A pipeline.
And even though we look at a lot of deals, we don’t close — one of my big rules is never be in a situation where an opportunity is there, and we can’t finance an opportunity efficiently and in all of the shareholders’ best interest. So I will — and historically, I have, I will be a bit more conservative and a bit more careful on the capital allocations as it relates to buybacks and dividends if I believe the horizon indicates that there’s a better opportunity for our money. And that’s just — that’s kind of something that Thor and I and Kathleen, we discuss regularly here. But it can change quickly. We can have three deals we’re looking at that we think are great, and we don’t close any of them. Or we can have three deals we’re looking at, and we can get all the way down to the 20-yard line trying to close the deal and score a touchdown and we may close all of them.
So I think it’s — it’s a little bit week-to-week, month-to-month. But in this case, we had a long discussion about the special dividend at our Board meeting two weeks ago. And we talked about everything I’ve just mentioned, and I felt really good where we came out of it. And if we believe [Technical difficulty] Hello?
Operator: You’ve been reconnected, Greg. Can you hear us?
Greg Roberts: Okay. I’m back. This is Greg. We had a little disconnect.
David Bastian: Well, thank you for that. That was helpful.
Greg Roberts: Okay. Next question?
David Bastian: The Direct-to-Consumer gross margin, it looks like it was down a little bit versus the third quarter even though volumes seem that they were up pretty healthily. Could you talk about a little what was driving that?
Greg Roberts: Yes. I mean I don’t see a significant change in — in just the overall environment between the two quarters. I think we do go through periods where you’ll see some slight change in the margin at the DTC side, just depending on what products we’re trying to move out and what the mix of products is. One thing that can throw off the numbers a bit is we make less money on big gold bars or kilo bars or even gold one-ounce coins from a pure dollar perspective than we do on silver. So it could be that we had a little bit higher mix of gold and silver, so it can show some anomalies. Just like if we sell a higher percentage of silver than gold, we’re going to have a little bit higher margin from a percentage standpoint.
