Julien Mininberg: You’ve seen us before, Susan is dulling here and high, we’re picky. So as prices come down in the market the equilibrates all that you just heard were not eager dependence on the wrong asset. We’re excited to find the right one and we’re quite picky on such.
Susan Anderson: Okay. Great. Thanks so much everyone. That’s really helpful. Good luck next quarter.
Julien Mininberg: Thank you.
Operator: Our next question is from Olivia Tong with Raymond James. Please proceed.
Olivia Tong : Great. Thanks. Good morning. A couple of clarification questions first. Just on the element sell-through, I just want to understand on the Q3 versus Q4, is the decline in Q3 due to retailers expecting lower sales and they’re adjusting their orders appropriately, but the [indiscernible] inventory on hand doesn’t change? Or are they actually looking to hold less inventory because they don’t — it’s more of a forward indicator that they think that they don’t need as much inventory to drive the sales?
Brian Grass: Yes. And I think it could be a combination of the two. I think they’re definitely forming an expectation of what they’re expecting for demand and then maybe being cautious in their ordering, reflecting what they are seeing. I also see a general trend of them wanting to generally hold less inventory. And I’m not talking about huge weeks on hand adjustments, but I am — on the margin, they would like to expose themselves to a little bit less risk as they end their fiscal year. So I would say it’s a combination of those two things, but I also want to make the point that we’re not talking about wild inventory adjustments and things like that, that would have occurred last year. I think it’s more on the margin. But that — those marginal adjustments do have an impact enough for us to need to adjust for revenue guidance for the third quarter. So it’s not hugely meaningful, but enough to change 2 or 3 percentage points in terms of our revenue for the quarter.
Julien Mininberg: [Multiple Speakers] guidance, which means that the back half will produce exactly what we said and including the good news that we brought out today on Q2. So I think people just even looking at the stock price early reaction may be hung up on this idea of is there pressure in the back half. And what we’re saying is exactly what Brian just said, that there’s a rejiggering of the cadence between Q3 and Q4 and the reaffirmation of the full year results.
Olivia Tong : Got it. And then just sticking on the outlook. The full year outlook is still a pretty wide range considering we’re past the midpoint of the year you’ve historically tried to narrow that a bit by this time. And you’ve already obviously, talked about the line of sight on Q3 versus Q4 cadence. So perhaps can you provide just maybe some goalposts on what’s embedded at the low end versus the initiatives that potentially gets you to the high end of the range.
Brian Grass: Yes. I mean I think it’s a good call out. Something considered narrowing. I think you would hopefully agree that there’s a lot going on in the macro environment that could have an impact. And I think weighing all of that, including very recent things. We felt like let’s go ahead and maintain the range, even though it does result in a wide range, especially for Q4. I think, hopefully, you’ve seen from our history, at least the history, I know I’ve been a part of, we’re always focused on the high end of our ranges, and that’s where we like to steer towards and we like to have conversations around but felt like with all the uncertainty in the environment, it made sense to keep a wide range to account for every — a lot of different variables that could change over the course of the second half of the year.
