So, we think all those initiatives should allow us to get to significantly reducing our operating cash outflow. I would expect to see close to a 50% reduction in our operating cash flow on a year-over-year basis. Our CapEx requirement is really just about executing on our cost savings. So, we think in FY 2024, CapEx should be somewhere in the $10 million to $15 million in terms of the cost that’s inclusive of the cash cost to really execute on our cost savings program. And then, as I said, we’ve got $150 million of the proceeds that we’ve already closed and are expected to close in the coming months that will bring in additional cash. And then I think the other options on the table that we’ve outlined are these additional proceeds potentially.
We are exploring various options. So, we’ll provide more details as we have more color, but those are all, I think, available to us as really liquidity options that we will consider.
Operator: Your next question comes from Matt Bottomley at Canaccord Genuity. Please go ahead.
Matt Bottomley: I just wanted to go back to BioSteel. And just given a lot of the commentary that’s been given with some of the positive trends with respect to the uptake of the products, whether it’s in the convenience stores, gas stations, where kind of your market share is. Just that’s sort of paired against the overall magnitude of some of the financial statement restatements. It looks like on a gross basis before restatement about 20% of the revenues were reduced. So, I would imagine there’s some big ticket items in there potentially. So, I’m just wondering if you could give a little more granularity on the nature of what the issues were with those restatements and if it has anything to do with products in the channel that ultimately couldn’t sell or shelf life or anything like that. It’s just something that I get a lot of questions on, given the magnitude of what was reported today.
Judy Hong: Sure. I’ll start and David can add more color. But — so what I said in the — in my prepared comments was that the majority of the restatements really came from international sales. So, when you look at all of the market share information in Canada, the U.S., that we speak about, those are real, right? I mean, those are consumer takeaway numbers. They’re all really sales that are — have gone through distributors and retailers and are being sold to the consumer. So, we do think that that really demonstrates the strength of the brand in North America. When you look at the international sales, frankly, this was more of an opportunistic, I would say, outlet where BioSteel management team had decided to expand distribution in certain markets, with some of the products that they had in inventory.
And I think — when you think about the practices or the sales recognition issues that we have seen, that’s where really the misstatements or the financial misstatements came through. So, I do think that that is very distinct from what we’re seeing in the marketplace, to your point about all the market share improvement that we’re seeing in that part of the business. We think it’s just unfortunate that the sort of that positive momentum, it has been a bit masked by some of these unfortunate events that have occurred, but we still believe that’s really a metric that people should be looking at in gauging the health of the brand. We continue to be confident about the trajectory of that business.
David Klein: Yes. I think that captures it, Judy. What I would say is the restatements for the most part had nothing to do with product that was returned because it was bad or anything like that. It had everything to do with sales practices within the BioSteel team, which as we called out in our remarks, have been rectified.
