Jack Preston: Well, I mean after this quarter, only two weeks, but typically, it would be five weeks or six weeks depending on when we release.
Gary Friedman: So, this week, we have two weeks to buy shares this quarter, five weeks or six weeks in other quarters. And so I mean share repurchases is possibly one of the opportunities, and there is other opportunities that are going to unveil themselves. So, I mean we will see you make those decisions somewhat in a fluid manner as you see how the market unfolds and the opportunities unfolds. But clearly, we have repurchased $1 billion of our stock at an average of what was it, $269 thus far. So yes, I mean nothing different than what we have communicated in the past. Okay. Thank you.
Operator: Peter Benedict with Baird, your line is open.
Peter Benedict: Thanks for taking the question. Curious the CapEx and free cash flow view that you have for this year, you talked about bringing inventory down. Just that’s kind of my first question.
Gary Friedman: So Peter, just what our range is?
Peter Benedict: Yes. What you are thinking in terms of CapEx for this year and free cash flow, that’s my first question?
Gary Friedman: Thank you.
Jack Preston: How concurrently with the release, so $275 million to $325 million is the range in the 10-K. We are not guiding free cash flow. So, we will keep posted on that. As far as inventory, you see it sequentially coming down. Obviously, we peaked in Q2 of last year and in Q4 came down. So, we are clearly, as Gary talked about, we are rightsizing that inventory and making moves to especially discontinued product and other things. So at a high level, I would say inventory will continue to sequentially decrease over the year as we get to a right-sized level and more appropriate for the size of the business.
Peter Benedict: Got it. That makes sense. Thank you. And then just on the comments around strengthening the balance sheet being one of the focus areas for €˜23, can you talk about leverage, how you are thinking about it as you look out over the next 12 months? Are there any levels you don’t want the business to get above? Just any color on that, Jack, would be helpful? Thank you.
Jack Preston: Yes. I think we think longer term, I think that temporal swings in leverage, they are not €“ again, it’s not something that we are sitting here thinking that, €œOh, my God, that’s a trigger and we are going to now do something, repay debt or raise equity.€ Again, I am just throwing out pendulum swing type ideas. Again, that’s not how we spend our time. We spend our time focusing on the future. So, we have raised the level of capital that we are comfortable with and with the free cash flow profile that we have, the size of the business we are growing to the size of the price, the way we spend our time and free cash flow we will generate over the next 5 years, 10 years, whatever the timeframe is, I think obviously, we have 5 years €“ 5.5 years up on the term loans. There is nothing earning in that sense from our perspective, the short-term stuff is temporary. So, I am not sure that there is anything to talk about that on that topic.
Peter Benedict: Got it. Okay. Thanks very much. Good luck.
Operator: Jonathan Matuszewski with Jefferies, your line is open.
Jonathan Matuszewski: Hey. Good evening. Thanks for taking my question. First one was on the membership base. It looks like in the 10-K around 350,000 members at year-end, so down around 24%. Are you guys seeing accelerating rates of membership cancellations year-to-date? And maybe if you could just shed some light on this attrition, I would think the annual membership fee is a small change to your average customer. So, just any thoughts there, whether this is just churn of some of your more aspirational customers, that would be my first question? Thanks.
