Matt Garth: Yeah. I think we have a number of opportunities to use the free cash flow that we are going to generate to deleverage. You just named one of them and the practice of going through and determining what our highest cost debt is and what the opportunities are is what we go through. So as free cash flow is generated, we will direct it to the highest interest rates, pay that down. I will tell you that we do have a very nice maturity profile. We have a very good structure in place for how our debt is laid out and the rates that we have on our bonds are very advantageous. So the prioritization would more than likely be taking care of the Term Loan A, getting the revolver back down and then looking at the bonds for potential opportunities to buy them.
Gaurav Jain: Sure. And then, let’s say, over the next two years, you generated this billion free cash flow EBITDA has improved, because raw material prices have come off and leverage is closer to 4x and then what happens, like, will the excess free cash flow then start getting back invested again in cannabis ventures, because you still believe in the long-term thesis, are you…
Matt Garth: Well, that has — thank you for the trap. No. I think what we have tried to convey to all of you in this conversation is a disciplined approach towards growth. Whereby we are measuring every dollar and determining the potential payback and the returns that we expect to generate. As it comes to Hawthorne, RIV, those types of investments that we have made and the conversation that we just had with you, you heard Jim say non-cash. The cannabis industry, the companies that are involved in there are at very, very low valuations. There are opportunities non-cash to consolidate and provide a basis for value creation moving forward. The free cash flow prioritization that we talk about, and that you are pointing to is, one, ensure that we are investing in the organic growth and capability of the company, those high return, short payback opportunities we have inside the company, doing that, making sure that we do that.
That’s $100 million of CapEx. However, we could probably spend $125 million to $150 million and continue to position this company for growth and free cash flow generation in those investments. Moving back down to 4x leverage gives you the opportunity to start looking at the window for the balanced approach between continued debt pay down, M&A and shareholder return activity. Remember, the history of this company in that 3 to 4 range is to pursue shareholder friendly acquisi — activities through share repurchases, one-time dividends, those types of things and that gives you the flexibility under 4 to begin to do those things again. So a lot on the table as we generate free cash flow, deleveraging over the next two years with the $1 billion that we are going to generate, that’s priority one and then we will take a look as we move below 4 at the more balanced approach.
Gaurav Jain: Sure. And one last question and I apologize if this has been answered already, but U.S. consumer pricing very strong. What is like the private label share right now? What are the price gaps? Is there anything that worries you, if you could just comment on that?
Mike Lukemire: Well, we are not concerned about the price gaps right now. We are not seeing share change on private label versus, in fact, we are picking up share, people — consumers tend to prefer branded. So that is not necessarily a concern.
