Alexander Bruni: Yes. So the points we’re looking at is comparison back to 2019 demand that was kind of called that a steady-state program. And then within our existing customers, we’re starting to see some customers that we know that, again, customers where we distribute to them and they use our products. We’re measuring those customers, and we’re starting to see some of those customers back to pre-COVID levels of ordering. So that’s telling us that they burn through that level of inventory. And then the other side is really taking a hard look at tracings to other distributors of what they’re doing. So those are some of the key factors. And again, we have seen improvement month-over-month. But to get it overall back to the improvements have fluctuated from month-to-month. They haven’t been at a steady state, I’ll put it that way.
Michael Turney: Thank you.
Operator: We’ll take our next question from A.J. Rice at Credit Suisse.
Jonathan Yong: Hi, thank you. I am Jonathan Yong on for A.J. here. I guess if we think about the range of your EBITDA guidance and obviously, the big risk factor is the destocking component. I guess how much more does it – how much more does it need to improve for you to come to the midpoint? And then at the bottom end of the range, what is kind of assumed there in terms of what happens on the destocking trend? Is it similar to what you’re experiencing now? Or is there some improvement? Just trying to get a flavor of the risk factor from the bottom and top end of that EBITDA guidance?
Alexander Bruni: Sure. From a risk factor standpoint, is the way I would summarize it. The material significant majority of our EBITDA for this year is coming out of the Patient Direct segment. So if you – obviously, you go back and if you look at the first and second quarter of the adjusted EBITDA generated in our Patient Direct segment and expect the ramp in the back half of the year, that’s where the bulk of that EBITDA is going to be coming from for the full year. Then you can think about just the small amount of the operating model that’s been in the first quarter and then in the first and second quarter with the bulk of that coming in the third and fourth quarter, that will hit more in the patient – I’m sorry, product and health care services side.
So look, from a risk factor on that, we’ve got – it is heavily weighted, significantly weighted towards Patient Direct with the bulk of the stuff in product and health care service coming from some seasonality, but the true benefit of the – of our Operating Model Realignment. So I guess the short answer is to derisk it is there’s a little of it coming from the product and health care services in the back half of the year compared to what’s coming from the other parts of the business.
Jonathan Yong: Go ahead.
Alexander Bruni: Sorry, I was going to say, just to a lesser extent, we do think that LIFO and stock comp will be factors in terms of where we land within that range.
Jonathan Yong: Okay. That’s helpful. And then you mentioned that some customers are improving their purchasing patterns. I guess, from – it sounds like they’re burning through. But what about the distributors? Do you have any sense of how much perhaps excess inventory they have? And then are they purchasing other competitor products? Or kind of how is that trend looking? How much months stock do they all have on hand relative to what you would normally think that they would need? Thanks.
