Stuart Canfield: Matt, just to add on to Andrew. Just a couple of things to think about. I think are important as you think about the financial guidance. Note, obviously, we will have dynamics in timing between Q2, hence the guide, and later in the year, particularly to the investment around FC, obviously, heavily Q2 prelaunch-focused. Also, you should start to think about, to your point on FC, how we nuance the timing and recognition of revenue between Q2 and Q3. Worth noting that the licensing structure will transition back half of the year versus front half of the year. And obviously, we had a heavier launch slate last year in the back half of the year. So we can work through that with you all in the call downs, but just note there’s definitely ebbs and flows in timing, and particularly point that to Q2, in particular, as you look at the EPS we put out and how that resonates year-on-year.
Katie Burke: Operator, we’re ready for the next question.
Operator: Our next question comes from the line of Benjamin Soff with Deutsche Bank. Your line is open.
Benjamin Soff: Hey, guys. Thanks for the question. You guys referenced that your margins today are reflective of some investments in long-term projects. And I’m just wondering if you guys could help us a little bit better understand the impact there and maybe what margins might look like in more of a steady state? And then secondly, would you anticipate any changes in consumer spending if student debt payments were to resume at scale? Thanks.
Stuart Canfield: Ben, I’ll tackle the second — maybe the first one. I think, obviously, we’re not going to create any guidance or direction on margin structure on a steady state go-forward. I think I’d just point you to the fact that, obviously, we’ve had depressed margins. We’ve continued to invest and expensed as we go. We do expect to get back to levels prior to a couple of years ago as we step that margin through. As you think about as we bring some of those titles to bear in the future, both from an owned IP perspective and some of the scale of Battlefield and we think about the business models that will come with other titles around Sims and skate, you should expect that to flow down and be accretive from a margin level as we step through in the future years.
Andrew Wilson: As I don’t know that I can comment specifically on student debt or what might happen there. What I would say is this, though. Entertainment is a fundamental human need, and it has been since the beginning of time. As we look at the emerging generations of consumers, including students, they’re choosing interactive entertainment as their first form of entertainment. There’s a couple of reasons for that. One, it is way more engaging than maybe what traditional entertainment was. Two, it helps you connect with friends and stay connected with friends. So the nature of the relationships that you build through your consumption of these entertainment properties is significantly more rewarding on a personal basis than watching a movie ever was.
And I love movies. But three, the most important thing is it represents the best value entertainment. Even as you think about our incredible scale and the incredible financial performance and growth that we have ahead of us, at an individual consumer level, it still represents the best value entertainment on the planet on a per-hour basis of entertainment. And so I’m not sure what will happen with student debt. But my sense is as we continue to see our industry grow and we continue to see our company grow, as we continue to scale the nature of experiences that we deliver to our consumers and the level of entertainment and connection that provides them, that regardless of what happens in that area, we will continue to be their first choice for entertainment.
Benjamin Soff: Okay. That’s helpful. Thanks, guys.
Katie Burke: Thank you. And operator, we’ll take our last question.
Operator: Our last question comes from the line of David Karnovsky with JPMorgan. Your line is open.
