Andrea Teixeira: Okay. And then, Alex, just a fine point on your comment on depletions and shipments. I think your prepared remarks is said a little shorter on depletions, but I think — I mean, a little shorter of the shorter. So nothing to call home about, right? I’m understanding that this is like a normal cost of business. There is no major thing to call out in terms of like puts and takes? Is there any regional because to be — actually, it’s a good news that I think California, which is your stronghold is still was strong, it seems or how we should be thinking about distribution on a regional basis?
Alex Ryan: Yeah. Your point is a good one. There’s always going to be a little bit of variability in that, but your comment is correct. There’s nothing — there’s nothing to call out and there’s no concern with having depletions in this cycle, just a tad behind shipments. Again, as I balance that and what I know about the market, with our days on hand with our distributors, we’re in a really solid position and no call-outs there.
Andrea Teixeira: Thank you, everybody. I’ll pass it on.
Operator: Our next question is from Kevin Grundy with Jefferies. Your line is now open.
Kevin Grundy: Great. Thanks. Good afternoon, everyone. Question for Alex, probably more sort of theoretical, just on the slowdown that we’re seeing in the wine category and not exclusively at the value end. So Alex, I’m just kind of curious to get your thoughts as you sort of unpack this because we’re seeing the slowdown in the category. It’s concerning. There’s concerns about the distributor retail inventory levels. And the rate of premiumization has slowed. So it hasn’t been arrested. This has been in place for a long time, but it certainly slowed as well. Certainly, when we look at the amount of market share that’s being gained at the premium level. So as you guys sort of unpack this, as you’re looking at the consumer data that you have available to you, how much are you sort of crediting to cyclical factors, how much are you crediting to secular factors here that are driving some of this weakness?
And then I think to kind of tie in a little bit on an earlier question, how concerning is that to deliver against your longer-term high-single digit guidance. And I asked that in the context, it seems like you have very good visibility on the distribution, at least over the next two to three years. So then it would become more of a risk of velocity and then the factors informing that seemingly are both cyclical, at least near term and then secular obviously, longer term. So sorry for a very robust question, but I would love to get your thoughts on that. Thank you.
Alex Ryan: Hey, Kevin. How are you doing? Yeah. They are good questions. I think that on a secular basis, a cyclical basis, right, maybe not annually secular (ph), but longer secular basis, things ebb and flow a little bit. We’ve had 30 years of a wonderful series of tailwinds of premiumization. I think they’re going to be — I think there’s going to be some have and have-nots in the industry and we intend to definitely be square in the middle of the halves. There’s a lot of producers out there and scale is rewarding scale and luxury, which we occupy a very unique position and is being rewarded right now and I think that’s going to continue. Again, I’ve said this before and I believe this strongly fine wine and fine wine is not some new category.
