Ben Kohn: Yeah. And George, the one thing I’ll say, just when you go back to the pro forma, and I’ll let Lance answer the HB. But when you go back to the pro forma, remember that $25 million of pro forma EBITDA is still being burden with $8 million of cost for the creator platform. So, if the business is cash flow breakeven, it’s the $25 million plus to $8 million, that gets you to $33 million that Lance was talking about.
Lance Barton: So, it was around $18 million revenue in the fourth quarter and — yeah. I mean the — for the full year, the U.S. was up, Australia was slightly down, but U.S. was up by on a full year basis, 22% for the year.
Ashley Kechter: Yeah. And I’ll jump in quickly. This is Ashley again. I’ll just jump in on the promotion shifts that were made and the actions that started taking place in Q4. As Ben spoke to the first three quarters of the year, we added two incremental promotions. Those promotions happened in March and September. With the September promo that was leading into Q4, whereas as we hit in the Q4 period, we had 60% less breadth of product on promotion and we reduced the depth of discount. So, there was a timing shift in September that ended up pulling forward some sales. The way I’m looking at this and how I’ve normalized it is I’ve combined Q3 and Q4 because we essentially reduced promo starting in Q4, which is going to continue into this year through the Q3 period.
But when you combine those periods, if you look at it on a constant currency basis, we’re up roughly 2% when you add in that kind of Q3, Q4, which accounts for the timing shift. We are going to pull out for this year the March promotion. So, we are, obviously, in March right now, we are in the process, it’s happening. Now we’ve pulled it out. And we will also reduce the September promotion, we will not do it. And so, we will only offer the June and the November sale, which is consistent with our kind of pre-COVID period and then the Boxing Day. And so, we’re anticipating the revenue impact of that, but that’s going to bring us to a much healthier business and position us for longer brand term health.
Ben Kohn: George, we cut back our inventory by substantially. And so, therefore, the inventory that had been bought prior to our purchase that we had to work through last year, especially with the macro climate and Australia specifically because we’ve been started managing our inventory early last year, and we have about a nine-month lead time on inventory. We don’t have that. And what we want to put forward more than anything is the brand health of HB, which is extremely strong as a luxury brand and making sure that, that customer does not get conditioned to buying things on sale, especially given the high margins we have at full price.
End of Q&A:
Operator: That does conclude our question-and-answer session. This does conclude our call. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.
