David Maher: Yes. I would say it’s born of brand momentum and product enthusiasm across our pipelines, step 1, step 2, there’s a bit of replenishment that will play out in Q1. And then I think we’re there from an inventory standpoint, we’re where we want to be, right? We were a little leaner on the ball side in particular. So I think by the end of April is probably a better way to think about it when we’ve loaded up the channels. I think the replenishment is complete. There’s a little bit of pricing in there as well. So yes, your take on macro market, what we said in January is for us the right way to think about it. What we’re thinking about this year is generally flat from a marketplace perspective. But again, there are some parts and pieces of our — within our business that give us confidence that we can outpace that growth.
Joseph Altobello: Got it, thanks guys.
Sondra Lennon: Thanks, Joe. Operator, next question please.
Operator: The next question comes from George Kelly from ROTH Capital. George, please go ahead. Your line is open.
George Kelly: Hey everybody. Thanks for taking my questions. So most have been asked and answered, but just a couple for you, I guess. The trademark — I think it was a $65 million transaction in the fourth quarter. Could you give a little more detail on that? And is that providing a material benefit to EBITDA in ’23 and beyond?
David Maher: Yes, hi George, this is something that we’ve been looking at for a long time as we feel it’s very important for the company to own certain trademarks and certainly, we deal on the vast majority of our trademarks. Our putter business is in great shape, and we see this as an important step to protecting this business for the very, very long-term.
Tom Pacheco: Yes. And as it relates to EBITDA, this is really a trading, if you will, from a royalty model to an own model. So we will end-up putting an intangible asset on the balance sheet and amortizing that over a 20-year period. And so that swapping of those costs, if you will, amortization gets added back for EBITDA purposes. So it will be — it will have an impact on operating income, but it will be a tailwind for EBITDA.
George Kelly: Okay. Okay. That’s helpful. And then next question, just curious if you could be more specific if you could quantify the impact of the acquisitions you’ve made on your guidance for fiscal year ’23 specific to revenue?
Tom Pacheco: Sure. So what we’ve said is — so TPI is an acquisition in the traditional sense. And we anticipate that it will add on the top line, less than $10 million, so reasonably small acquisition there. From a Club Glove perspective, that was more of an acquisition of intangibles, whether it be trademarks and things of that nature. So we are in the process of setting up that business internally so that we can run it internally. So for the balance of 2022, West Coast Trends will continue to operate the business and support the brand on a license basis. And so we’ll, for 2023, recognize royalty income on that, and that will be a very small amount. So both of those transactions and the impact are included in our guidance.
George Kelly: Okay. That’s really helpful. And then last question for me. With this re-upped share repurchase authorization, I believe you said $250 million. Is the plan to continue aggressively doing that? I mean is that something you could work through over the next three or four quarters?
