Eddie Lazarus: No change in our thinking. We think we have a great product lineup and a good strategy that we’re setting in place. And we can’t tell exactly when the kind of cyclical issues in our space will turn. But we’re going to be ready to excel with the moment that happens and Q1 is always a strong quarter for us and we’re looking forward to going through that again.
Jason Haas: That’s great to hear. And in terms of – just curious to get a little bit more commentary on inventory levels, both your own – appreciate all the commentary you gave on what’s going on the components, but just more broadly speaking, how you feel about your inventory levels? And then also, that you could see into your retail channel inventory levels if we’re closer to getting to the end of this destocking that needs to happen. And again, just given how important the holidays for you. If there’s any risk that reach out to – or having or need to reorder.
Eddie Lazarus: Yeah, thanks. Yeah, sure. So, look what we brought inventory levels down by more than $100 million since the beginning of the year and we feel good about that. But with a bit of a slowdown or demand, there’s somewhat elevated and we’ll be building a little bit more into Q1 is typical for the holiday season. With respect to finished goods, we expect to return to a normal level exiting Q1. On the component side of things, we’ll be taking a bit more onto our balance sheet, as we exit from certain CM relationships and also due to the aging of some inventory purchase during COVID and now held by some third parties. It’s going to take us a little longer to work from that temporary spike in our own inventory, but we expect to do so in fiscal year ‘24.
So, little bit elevated right now. Little bit of seasonality at work, but we will, we expect to be in very good shape next year on that. Now in terms of retail partners, little bit of a tale of two cities. In EMEA, our distribution pattern is much more diffused, but we’re definitely seeing some tightening there. We’ve already experienced a lot of tightening here in the US. BestBuy has got many fewer weeks of covers than they used to hold. That’s fine. We have great relationship there. But we’ve already seen a lot of the squeeze in that system, and as I said, that’s why registrations have been outpacing selling all year long.
Jason Haas: Thanks. Okay. Very helpful. Thank you.
Operator: Your next question comes from the line of Mark Cash with Raymond James. Your line is open.
Mark Cash : Hey, thanks. This is Mark on for Adam. Patrick like to start with you since you brought Sonos Pro, it would be great if you can give an update on that. I understand it’s early days, but how is the interest in heavy learning things since introduction that could help catalyze demand for Sonos SaaS offerings.
