Rupesh Parikh: Good afternoon. Thanks for taking my question. So, a question for Dave. So, you’ve obviously been there a few weeks now, so it’s still early, but just curious if you see any new opportunities in the business?
David Reeder: Thanks for the question, Rupesh, and look forward to meeting you all in person. This is my fifth week at Chewy and I think one of the things that I am most pleased to report is that the business performance trajectory, the opportunity set, all of the things that kind of went into my diligence thesis when I was joining Chewy, all of it seems very much in-line with what my expectations were. And specifically, the consistency, predictability, the repeatability of the revenue stream was high on my list of items to kind of test as build with Autoship and consumables. The infrastructure is world class. The build out of our infrastructure and the critical mass that we have there, and our ability to ship some significant incremental volume through the same footprint as that volume becomes available for us to tap in the industry, I do believe we’re going to get not only moderating CapEx, but increasing free cash flow.
The margin opportunities as we mix up the business from healthcare are meaningful. And then finally, when you think a little bit longer term, some of the opportunities that we have to penetrate direct vet care, expand international, add incremental services, I think all those thesis that I had about the business about Chewy as well as of course the loved brand all of those things are as built. I’m incredibly excited to be here. Did you have a follow-up Rupesh?
Rupesh Parikh: Yes. And I guess just my follow-up question. So, it sounds like this year, a household formation is likely going to be weak. So, if you guys think about a return to positive net active customer growth, is that essentially you just need a better macro and a return to stronger pet household formation? Is that the key ingredient at this point?
Sumit Singh: That is definitely one of them, but that’s not the only one. I mean, we continue to pick up customers at a pretty healthy clip. All of the other categories that we’re performing within continue to resonate loudly. In pharmacy, I mentioned north of a million customers migrating over, which is obviously not showing up in the active customer file, but you show that in the NSPAC number and the amplifying revenue growth number. And then, all of the newer innovations that we’re looking at, whether it’s introduction of new marketing channels that we might be experimenting with at any given point or launching of new verticals such as services, these are all customer acquisition, bolt acquisition and retention type verticals. So yes, there is the macro, but we’re also focused on what is controllable on our side and making sure that no stone goes unturned per se.
Rupesh Parikh: Great. Thank you.
Sumit Singh: Sure. Thank you.
Operator: Ladies and gentlemen, this concludes our Q&A and today’s Chewy fourth quarter and full-year 2023 earnings call. We’d like to thank you for your participation. You may now disconnect your lines.
