Eddie Lazarus: Just in terms of the spread for what is worth, we actually started out last year with a narrower spread on revenue of $75 million. This year, we went to $100 million, precisely because of the uncertainty. So I actually think that the EBITDA flow through to the adjusted EBITDA is actually in line with the fact that we’re a little bit wider on the top line as well. So, not really a deviation there. Just given the uncertainty, we have a little bit bigger spread on both ends.
John Babcock: Okay. That’s helpful. And then given the broader environment, you talked a little bit about inventories, but just was wondering if you were able to provide any more color on where inventories are right now, obviously, from the data kind of tell where inventory is end of the quarter, but I want to get a sense on to how that has trended so far in the quarter and also if there is any detail by channel, for example, how much you guys are holding versus how much retailers are holding, anything you can provide on that would be useful?
Eddie Lazarus: What I would say about that is that for the first time in 3 years, our retail channel is comfortably stocked for the holidays and for the promotions. We just haven’t been able to do that over the last couple of years. And so we’re very pleased to be able to do that this year. It’s too early in the quarter to provide really any color on what the ultimate sell-through is going to be on all of that. But as I said, we are in a position to burn down a significant amount of the finished goods inventory that we have by the end of Q1, get into a much more normalized position. So, we think the holiday season will rebalance where we are.
Patrick Spence: And then, John, just the other thing I would add on there is we €“ you know our product cycle as well as to most of you on the call, we are not like typical companies that are rushing to refresh or bring in a new season set of stuff. And so our products are long-lived. And so we have time to sell through these products as well. So, it’s something that we are watching closely. We never want to put too much cash into that. But obviously, bouncing back from what we saw in the first half of last year, and being in a position where we couldn’t capture all of the sales that we would have liked, we feel like we are in a much better position for this holiday period.
John Babcock: Okay. Got it. And then just last question before I turn it over. Just on the Sonos Ray. I was wondering if you are seeing any signs of that cannibalizing the sales for the beam out of curiosity.
Patrick Spence: Yes. Interesting question. No. And I home theater has been super interesting as a category because we have seen a lot of share gain with the introduction of Ray. Beam remains really strong. And so €“ and Arc’s right there as well, sub-mini, so home theater is particularly strong right now, and it’s been great to see both the reception to sub-mini and Ray really taking that top spot across UK, Germany and the Nordics in the entry level interval level. So, so far, no cannibalization as we think about taking more and more of that $96 billion in audio, I think it shows that having a good, better, best kind of range in these areas make sense and customers are responding to that.
John Babcock: Okay, great. Thank you.
Operator: Our next question comes from the line of Erik Woodring of Morgan Stanley.
