Aaron Kuehne: Well, in a simple way of putting it, if you look at how we re-guided the business, I think that re-guide is directly attributable to the destocking activities and what it’s cost us from a revenue standpoint. We came into the year applying the same approach in terms of how we think about the business, work as a planet. We did a lot of — we had a lot of discussions with top to tops. We have the bookings in place. It’s just that realization of bookings, which is circumvented by the destocking activities that has really had a negative impact on the first half of the year. And that’s why we’re optimistic as we head into the back half but really as we head into 2024. I think as it relates to just where we’re at and the confidence level, it keeps on being reinforced by the bookings but also the conversations that we have with retail partners that everyone is very focused on having this being cleaned up by the end of the year.
Now there’s a lot of variables that come into play there. But I think everyone is very focused on that. Everyone is taking a very disciplined approach, as are we. And the results are demonstrating that with our free cash flow generation that we highlighted or that we reported, but also just the way that we’re planning for the business. And mainly, we’re taking it a little bit on — we’re being a bit more conservative even ourselves as we think about our demand plans and just the way we manage inventory levels because we want to get things normalized and rebalanced as fast as possible.
Joseph Altobello: Got it. Okay. Thank you, guys.
Operator: One moment for our next question. Our next question comes from Mark Smith with Lake Street. Your line is open. Q – Mark Smith Hi, guys. I just wanted to revisit the international business just a little bit as that came in a little weaker than we had expected. Aaron, can you talk a little bit about how much of that was maybe supply versus demand? How much you want a shift — and this is across all segments. How much you want to ship internationally versus just demand-driven and some of the same macro factors slowing some of the international sales?
Aaron Kuehne: So, on the international piece, a lot of this is driven by programs that we have in place with key distributors, but also key partners that are underpinned or underwritten by law enforcement and military type programs. And so when we look at our order book, which Mike can provide additional commentary on, but we have a very strong order book, especially as it relates to that of Sierra that, in essence, covers us for the bulk of the rest of the year as we think about that business. And so the order book is intact. The order book is there. It’s just that there are dynamics associated with, one, the licensing side of things, but also just getting the logistics all lined up, but also how we continue to fulfill on domestic demands and programs that we have desires and obligations to fulfill on as well.
And so it really does come down to capacity, especially as we think about the component side of things and how many bullets we can produce on a given day, but also how that all ends up in terms of our ability to ship it out. The demand on the international side continues to be very strong, especially with our bread-and-butter type calibers, whether it be a 30 cal or 308 and the 335, et cetera. But those are programmatic calibers and programmatic orders that we have in place that once again are there, and it’s just a matter of can we fill it and when.
Mark Smith: And if we look at outdoor business within international, can you just talk about puts and takes there that was, perhaps, I think the lowest since before the pandemic? Talk about any pressures that you’re seeing on international business within the Outdoor segment.
