Craig Kennison: Okay, thanks a lot. Thank you.
Operator: Our next question comes from Fred Wightman of Wolfe Research, please go ahead.
Fred Wightman : Hey, guys. Good morning. There’s a comment in the release and I think you made it in the prepared remarks as well, just about retail getting worse throughout the rest of the fiscal year. And I’m wondering if that’s sort of a company specific comment, if that’s sort of a broader marine market comment? And maybe if you could give us a way of the way and this far is what you are seeing in retail more recently?
Jack Springer: Yeah, let me go about being worse. They’re looking bad and comparative to what we’re experiencing, we are going to, say, heavy selling season. So we’re in a range of — I’ll kind of carry out it by just saying it this way, Q4 is certainly going to be better that what we’ve seen in Q3 and Q2. But if we compare that against previous years, just worse than [prior months], and it’s not specific just to our company. Like we are seeing it across the board as we look at the retailers that are out there as well as the OEMs, it’s just a very challenging environment and there are lots of elements that operate there.
Fred Wightman : Okay, just to clarify, when you are saying 4Q is going to be better than 3Q, you are just talking about the sequential retail unit volumes or are you talking about the year-over-year rate of change or year-over-year decline?
Jack Springer: The sequential volumes, competitively speaking, prior to this year, every quarter that it’s out.
Fred Wightman : Okay. And then Jack, I think last quarter, just to sort of contextualize the dealer inventory levels, I think you said things were five weeks too high. You guys have talked about some progress but I’m wondering if you could sort of give us where you think inventories versus target or versus plan?
Jack Springer: So, Fred, at this point in time we are still thinking they are high, it’s more in that four week range. You know, too high right now, relative to where we like them to be and we are still targeting to bring them down to that 22-weeks on hand by the end of the fiscal year.
Fred Wightman : Okay, perfect. Thank you.
Operator: I’m not showing any further questions at this time, I would now like to turn the call back over to Jack Springer for any closing remarks.
Jack Springer: Thank you very much. In summary, Malibu Boats navigated a continued softened retail environment in Q3 with tow boat and value boats markets experiencing notable weakness while Cobalt and Pursuit performed better. Reducing the week on hand of inventory has been our primary focus for all our brands and will continue to be for the remainder of fiscal 2024. ASP’s for all of our brands has been surprisingly robust, conforming that premium buyers are still active in purchasing. We will focus on our dealer network and have taken the steps necessary for reduced channel inventory levels. We will continue to leverage promotional activities to stimulate consumer demand while closely monitoring dealer health. While there continue to be ambiguity surrounding the impact of macro factors on the timing of customer decisions, we have established a strong foundation and demonstrated resilience in prior cycles and are poised to support market growth as things correct.
And finally, we remain confident in our ability to execute our long-term strategy, particularly in a normalized cycle where we see ample opportunity to showcase the efficiencies of our cash generative business model and deliver a strong shareholder return. For me, it has been a fantastic 15 years and 10 years as a publicly held company. I treasure the relationship that I have made with many of you and I greatly appreciate your spot at Malibu over the years. I wish you the very best. Have a great day and God bless.
Operator: This conference has now concluded. Thank you for participating. You may now disconnect.
