Matt Bilunas: Sure. Just to recap, in Q4, we did see product margin rates lower in Q4, driven by on a year-over-year basis of more promotionality. What we did see compared to expectations is actually a little less pressure from promotionality even though we were expecting it to be more promotional year-over-year. As we look into next year, our guide reflects, I think I said in one of my comments and prepared remarks was the combination of product margin rates, profit share and supply chain, we’re going to be pretty neutral to the whole year. That doesn’t mean that in some quarters, it might be a little better, a little worse. But for the most part, next year, we’re assuming that it’s a fairly neutral impact of promotionality not that some quarters might also be more promotional from a pricing perspective, the impact of that promotionality might not actually manifest in the financial pressure.
Seth Sigman: Okay. Thank you for that. And then I guess, just thinking about demand in general, there’s obviously a few factors battling each other here. There’s a lot of consumer noise. You also have pull forward in your category. You talked about replacement cycles. I guess I’m just trying to think about elasticity as you start to see ASPs come down, and we can’t really see it on a category level, we only see it in aggregate. But are there any signs of maybe elasticity starting to kick in here? Just curious how you’re thinking about that.
Corie Barry: Yes. I think you started with what makes the conversation a little bit difficult, which is the incredibly varied indicators there are out there with the consumer right now, right? Everything from historically strong job markets, spending continues specifically on services even more so than goods. Inflation might be slowing, but it still is sustainably high. And it’s high in some of the basics like food, fuel and lodging, right? And when the basics are where that sustainable inflation is, it does mean the customer is going to make trade-off decisions. And I think we’ve used the same language now for probably three quarters. You’ve got an uneven and unsettled consumer who, from a confidence perspective looking forward, is still not confident about the future.
And so, I think what we are trying to position ourselves for is the best possible value for that consumer when they’re ready in the moment. And I feel like in Q4, I think we’ve played that very well. Our pricing was very competitive. Our price perception was very competitive. And so, you can see in spot as there is a better deal to be had, you can see the consumer reacting. But no matter what, it’s against this overlay of a consumer who’s going to make trade-off decisions based on their own budget and their own life.
Seth Sigman: Okay, thank you. That very helpful.
Operator: Next caller, please go ahead.
Steven Forbes: Good morning. It’s Steven Forbes from Guggenheim. Corie, Matt, I wanted to focus on trends within consumer electronics. If I look at the disclosures here in the press release, obviously, some apparent challenges in that category. So, was hoping that you can expand on what you’re seeing across the major subcategories within — and then maybe highlight how that is impacting the cadence of comp, right, that you’re expecting for 2023? I would imagine part of that is improvement within those subcategories. But any color there would be helpful.
