But again, we’ve always been comfortable at a premium versus the competition, as warranted, we think, by the product, by our leading shares, by our leading usage throughout the pyramid. And any time you take a price increase, it ups the ante in the sense that you’ve got to work extra hard to show consumers that your product is worth it. And that’s what our team is committed to as they seek to show how our products outperform the competitive sets. So we’re comfortable where we are. We don’t take price increases lightly. We never have. But we think we’ve got the parts and pieces in place to be effective. And we think offers understand where we’re coming from, one, given our long historical journey as it relates to pricing; and two, given the realities of some of the price increases we’ve dealt with in the past couple of years and, in some respects, absorbed in the last couple of years.
Michael Swartz: Thanks, David.
Sondra Lennon: Thanks, Michael. Operator, next question please.
Operator: The next question is from Joe Altobello from Raymond James. Joe, your line is open. Please go ahead.
Joseph Altobello: Thanks. Hey guys, good morning. I guess just to kind of follow-up on that point. It’s been a while since we’ve had a garden variety recession, if you will. But historically, what have you seen in terms of overall spending in the category and on your brands. Is there any trade down given the premium positioning of your brands? And I guess, in a recession, do golfers place you around? Or do they use cheaper balls? Or do they stay the same regimen?
David Maher: Yes. Maybe Tom and I, both could add that. At high level, Joe, what we’ve seen golfers tend to keep playing, they may prolong their life cycles, right? So that’s the first takeaway from what we’ve seen in the past. Historically, and I think we’ve noted this before, the company has fared well. While we’re not recession-proof, we fared well in downturns going back to the subprime and going back to the dotcom. I may pass that one off to Tom for some specifics on those events. So Tom, I’ll kick that one over to you.
Tom Pacheco: Sure, Joe. And I think we’ve talked about this before, back in the 2008, 2009 timeframe when you look at our business, excluding COBRA, which did not focus on the dedicated golfer in which we later sold. Our core business, if you will, was down about 8%. And if you look at a basket of leisure and recreation product companies within the consumer discretionary segment, they were down more than 15%. So as David said, our business fared far better than some of our peers.
Joseph Altobello: Got it. Appreciate it.
David Maher: And Joe — just the final observation, Joe, as you made a comment about trade down. we haven’t seen a lot of that, right? Again, it tends to be more just extended life cycles, but we haven’t seen a lot of trade down. I think that speaks to more than anything, the makeup and demographic and avidity of our dedicated player.
Joseph Altobello: Thanks for that, David. And I guess just a follow-up on that. When we were down in Orlando, at the PGA Show a few weeks ago, your overall outlook on the industry was about flattish, right, in 2023. And so maybe could you help us square that outlook with the 5% to 7% constant currency sales growth you provided today? How much of that growth is coming from share gains and replenishment on the ball side in particular?
