Jim Hagedorn: But let me just throw in my too sense on this. I do think that the price gap between private label and national brand mostly us, did get larger than it was as. Remember, the contracts that the retailers had with us re-price once a year and I think that allowed, they were getting, I mean, I think we were losing money on a bunch of those private label deals. I think you will see a correction that we took pretty significant pricing as much as we possibly could and these are double-digit pricing that occurred. But we did not see share loss to private label last year in spite of that increased gap. I think you will see that gap probably come down. But I think it’s worth looking at and we will continue to talk to you guys about that as we look at sort of our pricing versus private label. But I think low concern at this point and probably correcting from last year.
Mike Lukemire: Yeah. We were seeing it. Correct. So that’s in the right direction. So, but we do run price elasticity studies and all that with our retail partners to be sure that. I mean I am more worried about — I am always more worried about category growth than I am share at this point.
Gaurav Jain: Sure. Thank you so much.
Mike Lukemire: Welcome.
Operator: Thank you. Our next question comes from Carla Casella with JPMorgan. Your line is open.
Carla Casella: Hi. Somewhat on the — a little bit of the same lines with the getting to your 4 times leverage target by year-end with a slight decline in EBITDA implies a big debt pay down. Can you just talk about what you are expecting from working capital if you still see $400 million inventory release for the year and/or the timing of that?
Matt Garth: Sure. And just to make sure that’s correct. We said $1 billion of free cash flow generated over two years beginning last, I think, Q3 and then we also said under 4 times by the end of 2024, so not by the end of this fiscal year. When you are talking through and taking a look at the working capital perspective, the inventory that we are looking to take out is $400 million. That will take place as we move through the year, obviously, we are in a bit of a filled position right now. We have talked about the fact that retailer positions are down 5% to 7% versus last year and that our production is down year-over-year. So we will be releasing that inventory that we have in place. That $400 million in inventory release is going to help generate a working capital benefit this year north of $200 million, right, because we are going to grow some sales, we are going to have some AP that’s going to come through and we are going to pay, and so the net of all that on working capital is just north of $200 million.
That leaves the cash from operations, excluding working capital, less CapEx to generate the balance of our free cash flow this year and next year. And so as you look at it that way, you are kind of looking at north of $300 million in sort of nonworking capital related free cash flow plus the working capital release.
Carla Casella: Okay. Great. And then if I could just ask a follow-on. You said you have strong liquidity with over $800 million available. Can you just talk about what your drawings were on the ABL versus the AR facility and if that $800 million availability was the two facilities combined?
Matt Garth: No. The $800 million is sitting on our revolver. The ABL and the AR facility, you are — we didn’t change really over the — from last quarter that much. So I think they are kind of in the $400 million range.
Jim Hagedorn: For the season.
