Toby Johnson: I think it’s very similar to what I shared earlier, Joe. This – for Black Rifle, this is our first time really executing through this demand reset window. Last year, we entered the year with very, very lean inventory. So our ability to plan from like a year-over-year reset standpoint was limited. And what we’re learning is just the sequencing of as the resets happen, how does that build flow through our complex go-to-market, which includes close to 200 distributors, which then flow product to the shelf. Like I said, we’ve had visibility to the planograms, to the commitments, none of those have changed. I think what we’ve learned and will help better inform our planning going forward, it’s just the sequencing of product through the value chain to actually execute what people have committed to, which hasn’t changed as we’ve delivered our plans. It really is just more timing.
Joe Altobello: Okay. So it’s a little bit of a learning curve there is €“ to that degree as well. Got you. And then secondly, in terms of the pricing impact, you mentioned a couple of incremental price increases you’ve already taken here in Q1. If we look at your revenue outlook, how much pricing is built into that? And do you anticipate additional price increases later this year in regards?
Gregory Iverson: Hey, Joe, it’s Greg. I can address that. So two price – there’s two things we’ve already done in 2023 from a pricing perspective. The first is we had further increases in ready-to-drink of about 8% we rolled out in February. We also made some adjustments within our D2C subscription for bag coffee and reduced the discounts on multi-bag subscriptions. So those two actions, like I said, have already been taken. Our guidance of $400 to $440 doesn’t contemplate any further pricing actions. So anything that we take incrementally would be upside to that plan.
Joe Altobello: Okay. Just one last one, if I could. Just to clarify, the gross margin guide for Q1, I think you said up 100 basis points sequentially. I assume that’s up 100 basis points off of the reported not the adjusted Q4 gross margin?
Gregory Iverson: Yes, that’s right, off of reported.
Joe Altobello: Okay, great. Thank you.
Gregory Iverson: Thanks, Joe.
Operator: Our next question comes from the line of Steve Powers with Deutsche Bank. Please proceed with your question.
Steve Powers: Hey, thanks. Thanks a lot. I guess just to round out the revenue guidance discussion. I guess, Tom, you framed it as driven by things not fully in your control. But then as you’ve spoken through it subsequently, it feels as though it’s either the byproduct of the learning curve you just mentioned to Joe’s question, or the byproduct of specific choices on your part. So I guess, can you just clarify and explain a little bit further. I mean, how much of this is really driven by externalities that you weren’t able to realistically forecast versus just you perhaps overreaching six months ago or versus you now electing to go deliberately slower to make sure you’re doing everything you’re doing to the highest standard possible for your current customers. I’m just unclear as to what the real drivers are, whether it’s overly ambitious? Or are you pulling back to deliver quality service or externalities as you originally framed it?
Tom Davin: Right. So great question. And again, breaking it down by component ready-to-drink, I think Toby did a great job addressing the kind of lag that we didn’t fully appreciate of sending product through the value chain that consists of all these distributors across multiple markets, ultimately to the end customer. And customers have committed to those incremental 100,000 facing. So that’s a significant increase from where we are. And again, going back to last July and August, when we conceptualize that original revenue number we didn’t know about the timing of when the product would actually push through to be on the shelf.
