Patrick Spence : Yeah, thanks, Sharon. And I think this is where we differ from pretty much every other company that participates in consumer electronics. Our model is stands alone because the premise is,ultimately that the products will last a long time, which I think from an investor standpoint should be viewed as a higher return on investment from the investment we make in bringing a new product to market. And from I think everybody would recognize it’s also better for the world since we’re not creating stuff that ends up in a landfill or recycled, as well. And then the part of our model that’s important is that people will add more over time. And we know from our cohort model that this continues to be the case and has been for 20 years.
This is why we’re always focused more on the long-term value, as opposed to that one-time purchase or some of the cyclical refresh as that so many other companies are because as I mentioned, we believe we have a $5 billion revenue opportunity alone simply from being able to take our single product households to multi-product. And so, the way to think about it, I would say is we’re playing the long game and playing the – adding more and more products over time and getting higher ROI from our products.
Unidentified Analyst: Awesome. Thank you. And for my follow-up, how, if at all, have you been impacted by consumers focusing their discretionary income on travel. So some recent examples including your focus on international travel and live events which are best exemplified by the Taylor Swift Arrow Store?
Patrick Spence : Yeah, so I think, we we’ve all seen and heard some of the services in travel versus goods spending on a macro level. And that shift you know definitely isn’t just new in Q3 I think we’ve been encountering that throughout the year. And we’ve talked about that a little bit. But what I think is most important on that is that it’s impacting the audio market overall as opposed to Sonos specifically. And so, when we look at the category’s share, we think about market share. In times like these, it’s really important to understand how you’re competing and how you’re winning. And we’re pleased to say that we are holding or gaining share in the categories that we play despite not discounting to the levels that our competitors are.
And so, we feel very good about our position. Our product portfolio and our brand positioning in a difficult market right now. And I think, we look forward to the day that the spend on goods normalizes a bit from where it is today and swings back from services. So, we are that’s why we’re investing for the long term, we will be in the best position of any company in audio to take advantage of that when things normalize.
Unidentified Analyst: Thank you.
Operator: [Operator Instructions] There are no further questions at this time. Patrick, I turn the call back over to you.
Patrick Spence : Alright. Thanks, Emma and thanks to all of you for joining. We look forward to updating you again in November.
Operator: This concludes today’s conference call. You may now disconnect
