Jonathan Goldman: Now I appreciate that. That’s very helpful. And then maybe one more please if I can on the working cap. I think last quarter you mentioned you start to see some unwind as the build up at $500 million in the second half of this year. Has that timeline or a quantum that, obviously trend can get the full 500, has that quantum changed since the last call.
Sebastien Martel : Well the timing of it has not changed yet. But as we’ve invested a lot in working capital last year due to the supply chain turbulence and having more raw material inventory as a buffer and having submitted units. In terms of overall opportunities I’m looking for this year, obviously with a growing Q4 guidance that we’re expecting to grow again this year. It is going to require some investment and working gap. But I do expect that we will recover some of the investments we made last year so north of $400 million cash benefit that I’m expecting to see this year coming from better management of working capital.
Jonathan Goldman: So just to clarify that the 400 gross before investments, growing top-line.
Sebastien Martel : So it will be a net.
Jonathan Goldman: Perfect, thanks very much, guys.
Jose Boisjoli : Thank you.
Operator: Your next question comes from Fred Wightman from Wolfe Research. Please go ahead.
Fred Wightman : Hey, guys. I just wanted to come back to the EBITDA margin bridge. It sounds like you’re baking in 200 basis points of incremental headwinds from promos next year versus this year. But I think that that was a 300 basis point tailwind. So what gives you the confidence that you’ll be able to hold on to some of that favourability, especially just inventory is normalizing and competitors starting to promote again?
Jose Boisjoli : Well, we’re not. Obviously we were already a few months in the New Year. And yes, there’s a bit of promotion, but we’re not seeing the levels of promotion that we’ve seen in the past. And what we are seeing as promotion is much more targeted towards interest rates, or we’ll call it subsidizing interest rates for retail financing. So what we’re seeing now, and providing some contingency for the end of the year, we believe that holding at least 100 basis points of sales program saving is certainly feasible. And also we’ve gotten more sophisticated in how we manage programs over the last few years. And that sophistication is helping us to be much more targeted. And when you’re targeted you get some savings because you’re not spreading the money. The money in regions that is not needed. So that’s another reason why we are confident on that ability of protecting 100 basis points.
Fred Wightman : Make sense. And then just to come back to the used commentary, it sounds like you guys are expecting used pricing to come down as we move into the spring. And I know that trade in values maybe aren’t quite as important to how are some other vehicle categories. But do you think that that is going to result in more negative equity and potentially impact the trade in cycle as we move through the spring or not?
Sebastien Martel : I think this will go over a minute that the dealer will start to redo their MSRP. I think the trade in will restart at the faster pace.
Jose Boisjoli : But the trade in is kind of protected as well. There has been a very, very high pricing increase that have been done over the last two or three years something like 14%-15%-16% in some product lines. And so some of the used value will be protected by those increases in MSRP as well. So yes, they are very high. Today they use values, there will be a normalization happening. But I’m not — because of those price increases, I’m not seeing a significant devaluation in used. That would be equal to what it was pre-COVID.
