Tim Peterman: Sure. When you think about working capital, that’s something we–as we talked about earlier, something we feel like we do well even in tumultuous times, so the year-to-date working capital increase of $5 million, we also think that we’ll do the same type of working capital management in Q4 and that will really be driven by the inventory levels and the inventory levels will come down. If you note on our first three quarters of 2022, a lot of our working capital management was around the decrease in accounts receivable, and that’s been a three-year effort of ours to reduce the amount of Value Pay and what our customers use Value Pay, so we’re–you know, we’ve moved our percent of sales under Value Pay, which is our installment sales basis, from as high as 60, 65 down into the 50 range, so that is producing more cash up-front, something that we’re intentional about and we don’t believe is affecting sales either.
When you think about Q4, our strategy there is really the reduction of the inventory that we’re carrying, and that is also going to–you know, that’s going to be the driver for the working capital management in Q4, if that answers your question, Eric.
Eric Wold: It does. I appreciate it, thanks Tim.
Tim Peterman: Okay, thank you.
Operator: Thank you. Our next question is coming from Alex Fuhrman from Craig Hallum Capital Group. Your line is now live.
Alex Fuhrman: Thanks very much for taking my question. Tim, I wanted to ask about the return to Dish. Can you give us a sense of how that process unfolded – you know, how long you would have expected to be off of Dish for, and now that you’re back in your original channel placement, can you talk about how that customer has come back? Is it performing in line with how you were in those channels originally, or I imagine it probably takes a little bit of time to bounce back to full productivity, but any color you can provide us with the return to Dish would be very helpful.
Tim Peterman: Sure thing, Alex. We’re good but we’re not that good, right? We’ve only been live now for 24 hours, so I would say that it’s too early to tell the velocity of migration back to the performance levels. But we’re very encouraged by it, and when you think about where we are and how we are today with Dish, you’ve got to go back a year from now, really. Jessica Gregory, who runs our content distribution, has done a great job in terms of managing all the different elements of our distribution, and we knew the renewal coming up with Dish in June of this year was going to be a tough one because, as we stated, we have to lower our content distribution costs. It’s a critical component of our strategy to lower the content distribution costs as a percent of sales, so we knew it might be a challenge.
We spent a year making sure that we would be prepared for the worst case scenario, which we didn’t expect, which would be the non-renewal, so when that happened, then we knew that we had to stick to our guns about the terms that we were seeking, and obviously Dish felt like they needed to stick to their guns about the terms they were seeking. I’ve seen this before. It’s traditionally–and that’s why I’ve guided to the end of the year, it traditionally takes time to not only then–for both partners to realize that there is a place in the middle that we can get to, but also once that decision is made, it doesn’t happen overnight.
