Rob DeMartini: No, it’s – Jeremy, it’s not. And we talked to this last quarter a little bit. I don’t think it’s the messaging at the awareness level. It is in the consideration area. We are getting people to the website and converting, but not at the rates that we had hoped to. There are a couple of hypothesis that we are testing real-time, but I don’t want to promise figuring them out until we have evidence that’s going to happen. We know where that is. It is primarily almost singularly on the website, and we are testing real time to figure out how to get it back to the rates that we projected.
Jeremy Hamblin: Okay. And then just help me understand, because I have to ask about the change in the top line guidance, right, it’s a $60 million change from the August guide. In terms of what’s happened here, that the magnitude is really large. Is there – what’s different in terms of where you were thinking in August versus today, some of this appears to be kind of the partnership with your largest wholesale customer. Maybe that slipped by a month or so on getting the new product in the door. But can you help us just to build back where that much a change came from?
Rob DeMartini: Yes. Well, Jeremy, certainly, some of it is in Q3. We wanted to see Q3 stronger and we were planning on that. And then now we are projecting that slower growth all the way through Q4. I mean I think how much of it is our execution, which is clearly part of it, how much of it is the category, everybody that I know thought the category was going to be heading towards a more normalized consumption in the back half of the year. And that clearly, we just have not seen that happen. I think what we do see clearly is that our premium sleep strategy is working. 2% down is not a number we are going to stand up and shout about. But 18% improvement quarter-on-quarter is something that is encouraging. We know the new product is resonating. The demand in wholesale is actually quite strong. We see those things continuing to grow the business. They are just not going to grow as fast as I forecasted, and that’s on me.
Jeremy Hamblin: Okay. Thanks for taking the questions guys. Good luck.
Rob DeMartini: Thank you, Jeremy.
Operator: Your next question comes from the line of Bobby Griffin from Raymond James. Your line is open.
Bobby Griffin: Good afternoon everybody. Thanks for taking my questions. I guess Rob, first question, we talked a little bit about this before, but now with some of the new products out there and you have some more learnings, what do you think the rough estimate, what do you think the level of revenue is for this business to generate, call it, breakeven profitability on an adjusted EBITDA? We have talked before closer to $600 million, is that still the right number to think about and shoot for, or is there some opportunities to maybe do it on a little less given some of the talk about procurement and the supply chain and things like that?
Rob DeMartini: If you look at a year ago on $142 million, we made money. I do think that somewhere in the $50 million to $55 million a month on average, we should be nicely profitable at that number. Can we get it slightly lower than that, maybe. We have identified things that we think can add up to it, but it’s in that neighborhood.
Bobby Griffin: Okay. That’s helpful as we tune up our models. And then…
Rob DeMartini: And Bobby, let me add, that assumes with healthy advertising investment, too. Obviously, we can get there in the short run, but that’s not good for the long-term growth of this brand.
Bobby Griffin: I would agree. I would agree, especially in this industry, you got to advertise. Okay. One more near-term question, just for 4Q, is the cash use that you guys are going to see are kind of planning relatively in line with what we saw in 3Q, or is there a bigger draw just because the size of the retailers that you are launching with that kind of shifted into the fourth quarter?
Todd Vogensen: So, you can think of the cash for Q4 being – cash usage being roughly in line with Q3, maybe slightly deeper. And it really is kind of some of the CapEx coming home and then that being offset by potential upside on revenue as well as just us moving further into the launch of the new products and starting to see traction there.
Bobby Griffin: Okay. So, we should be able to get through the quarter without the draw on the $55 million revolver based on the current cash balance?
Todd Vogensen: I would – we would expect to always, yes. So, as we manage our cash, we will probably have a draw on that ABL, but it would be a portion of the $50 million, not the bulk of it.
Bobby Griffin: Yes. Okay. And I guess lastly for me, Rob. I think in one of your remarks, you mentioned some wholesale customers coming back and adding some slots after seeing the new products. Can you maybe just expand on that? Is there any numbers you can put around that about, I don’t know, slots per average store today versus a couple of years ago or kind of maybe where slots per average store will be at once the launch is complete?
