A lot of it does come down to also product mix. You see that as a kind of a theme throughout this call where the performance of consumer had a little bit more weight on the U.S. in particular than it did in Europe in terms of overall growth. That said, PPAG growth is stronger in North America as well in absolute dollars. So all those things are at play, all these markets are in focus. The only other thing I’d say is there are a couple European markets that have been very strong, especially France. France is also where we have been doing some of our full funnel testing and that had differential performance this quarter as I referred to earlier. So I think that’s it.
Meredith Burns: Great. Okay. I’m going to shift gears to some questions on liquidity and capital allocation. So first one, Sean is on the minority interest purchase this quarter. What was the EBITDA multiple of that acquisition and what will that do to our core cash flow going forward, if anything? I’ll stop there and please jump in.
Sean Quinn: Yes, sure. So the way that this arrangement worked, we had a €“ so there was a reciprocal put and call and the valuation for that was €“ it was a formulaic valuation that had two main inputs to it. One was revenue growth, and the other one was €“ revenue growth in order to determine the multiple and then cash flow before tax to determine the actual value. So that’s kind of €“ that’s how that worked. These businesses had revenue growth last year, which was over 30%. And actually 30% was the kind of the cap in terms of how that multiple table worked. But they also have really high free cash flow conversion there. We had some caps in terms of how that valuation was calculated in terms of contribution of certain elements of cash flow.
The way I would think about this is that in terms of a multiple we paid between 8x and 9x the unlevered free cash flow before tax on these businesses for that purchase of the non-controlling interest. These are businesses that continue to grow at rates that are amongst the highest across Cimpress as a segment they are the highest over 20% year-to-date. And going forward in terms of the impact on our future cash flow, what that purchase means is that we will maintain almost all of the cash flow generated from those businesses, whereas before we only retained about 90%, the other amount of roughly 11%, we were paying out as effectively a dividend to those minority holders in the past. So, we’ll retain more of the cash that they generate.
Meredith Burns: Great. And just a quick follow-up that we had as a live question. What other non-controlling interests are left to be put to us is there, what’s the materiality of what’s left essentially?
Sean Quinn: Yes, it’s pretty small now. So the, you have a little over 1% of these PrintBrothers businesses that remains. Otherwise we in addition to the PrintBrothers put option that we settled there was also the purchase of non-controlling interest in build assigned. So that’s now cleared out. All of this has disclosed in our 10-Q. We have the table that kind of walks through that in the footnotes, so you can refer there, but the short story is that this is the vast majority of it.
Meredith Burns: Great. Okay. Any updated thoughts on the liquidity threshold? At which point the company would be willing to deploy capital for bond repurchases? We had multiple questions on bond repurchases.
