Ethan Brown : Yeah. So Peter, to your first question around the sort of cadence of revenues in the back half of the year, we’re not providing specific guidance by quarter at this time. However, if you look at historically, the third quarter being typically a little bit stronger than the fourth quarter, just from a seasonal demand perspective, I don’t think there would be anything that would deviate significantly from that this year. And then just to your question around cash consumption, and how that evolves in the second half relative to the first half, I think there’s, there’s several things that we’re looking at. And first and foremost is, we have to deliver on our revenue projections for the balance of the year. And then, you know, in conjunction with that, we also have to deliver on our gross margin targets to ultimately generate gross profit dollars.
And then once we do that, it’s about continuing to contain costs from an OpEx perspective. There are some opportunities that we’re looking at from a CapEx perspective, where we can potentially defer some CapEx projects that we were anticipating would happen in the back half of this year. There are things related to our inventory reduction efforts, which we’re still very focused on. You put all of those things together, and we do expect that the overall level of cash consumption in the back half of this year will still be — should be significantly lower than what we saw in the first half. And so those are the primary things I think that that bridge that that gap.
Peter Galbo : Great, thank you.
Operator: Our next question will come from Ken Goldman with JPMorgan. Please go ahead.
Ken Goldman : Hi, thank you. I wanted to ask about your strategy for R&D spending. It’s down. But it’s still 9% of your sales this quarter, which is meaningfully more than what we see from a typical packaged food company. And I agree you’re not a typical packaged food company. But you talk about the biggest issue facing the category being maybe a misperception of the health benefits. You’ve had some recent launches. I hope it’s not unfair to say the results are some good, some may be slightly disappointing. Why not divert some of this R&D spend toward brand building toward category building. If you’re — if that’s the biggest issue that you’re facing, why not really maybe lean into that a little more.
Ethan Brown : Thanks, Ken. Appreciate the question. And so I think the main response I have is that we are certainly emphasizing spend on the category narrative and also reaching out across companies to help us do this. There’s a bunch of companies, obviously, in our category, all rising and falling with this narrative. And so bringing together industry coalitions to address this is an important way to handle it. But we are looking at how do we reallocate funding toward marketing to clean up this messaging because it is just an education issue. I mean the facts are there. The health benefits of our products are very strong. We see that in the work we do, not only with universities, but in general, just seeing consumers and how their lives can change. So — it’s a very good question. I won’t comment specifically on how much we’re going to allocate toward R&D versus this. But I think the emphasis in your question is the right one.
Ken Goldman : And then just quickly, how are you doing with meat eaters or flexitarians versus pure vegans lately. What are your data telling you about how the vegans are looking at your product or at your category compared to how they used to? Are they being affected by the marketing as well?
