Jim Barr: Yes, I mean, so talking about Q3 including the holiday period, we had a strong Black Friday start and really Direct held up for the entire quarter up 30% as we mentioned versus pre-pandemic. We continue to be able to both discount products to be competitive and increase our gross margins while where we’re doing that. And that allowed us other things down, the income statement allowed us to also reduce the EBITDA burn. We definitely managed down our inventory, so you can see that. I think that’s a highlight of the quarter. I mean, this continues to be from, I think a peak of $160 million down to $77 million at the end of last quarter and even lower now as we sit here in early February. So, I think that’s part of it.
And we continue to make progress on JRNY. I think those are kind of the highlights of that holiday season. And then we did start to see that Retail down 6%, so we started to see a little bit of that, but most of what we’re reacting to is our forecast, what we think will happen going forward, and we’re trying to proactively get ahead of that. So, I think again, kind of a solid Q3, but when we look at Q4 really all about Retail and retailers not acting like they would normally act, we think that does regulate over time, but right now we have to be smart in the way we address that and we’ve taken those actions to do just that. So, Aina anything? Nope.
Aina Konold: Nope. You covered it, Jim.
Jim Barr: I don’t know if you had a follow-up, but hopefully I answered your question.
JP Wollam: Yes, yes, that’s helpful. Maybe kind of as a follow up there. When we think to kind of the best of your understanding about sort of the market share in at-home fitness, without trying to quantify any one company’s market share, I guess maybe over the holidays, how would you categorize your market share relative to your expectations going into the season?
Jim Barr: It’s a great question, and as you well know, it’s very difficult to get the denominator for this industry. We spend a lot of time with our own numbers, and science, a number of other alternatives and trying to calculate that. We think, I think we’ve €“ as we talked before, we talked about the at the peak of the pandemic we think this market size probably tripled, double tripled, and now it’s come down, we think it’s still about 20%, 25% ahead of where it was pre-pandemic. So it’s still relatively high. And if you take that as a given and we measure our performance versus our competitors. We picked up share pretty steadily as the market declined. We had lower market share when everyone was buying everything. As things have come down over time, I think, you start looking at, people looking at the brands they know and trust, and you look at our product portfolio, which is very choiceful in the price points and the options that they offer consumers and then JRNY being a value relative to other connected fitness experiences.
So that’s kind of how we’ve €“ we believe, we’ve picked up market share during that period. And we’re quite proud of it. I mean, nobody’s taking victory laps as the market decreases, but we knew this was coming. We knew there was some kind of regulation over time. And so that’s as far as we know it, we’ve picked up share at times during the pandemic. We were number one in unit share. I was just speaking to dollar share at timeframe. The pandemic we’re number one. We think we’re either number one or number two now in unit sales. And that’s helped out a lot by our 552 dumbbells.
JP Wollam: Great. Thank you.
Jim Barr: Thank you.
Operator: Our next question is from Steve Dyer with Craig-Hallum. Please proceed with your question.
