Pat Lavelle: Yeah. I mean, the true audiophiles buy equipment often, okay. But when you look at the impact that COVID had on the buying patterns, like I said, that was in 2020, 2021. And that’s why I’m saying, 2022, we started to see it, we’ll see it all this year and we’ll probably start to improve somewhat as we move into 2024 that you’ll start to see normal buying patterns again.
Thomas Forte: Okay. And then last question and thanks for taking all my questions. This I think is a repeat from last quarter, maybe the last two quarters. But as the supply chain costs have improved, can you talk about your strategy on potentially reinvesting some of the improvement in promotional pricing?
Pat Lavelle: Yeah. Well, the thing is that when — at the height of the supply chain problem, we were seeing what would normally be 30 days on the water. We were experiencing, depending on where the product was coming, as high as 97 days, which means that in order to protect the holiday season and things like that, we had to bring in a lot of excess inventory. And that excess inventory is impacting storage costs and it is preventing us to get — some of it, not all of it, is preventing us from getting new pricing based on lower cost of freight and in some cases, negotiated better prices for the same product. So we expect that we’ll probably see another quarter of inventory being moved out. And everything coming in now would be coming in at lower freight rates and at — in some cases, better pricing that we’ve negotiated.
So I would estimate that we will see an improvement month over month throughout the balance of the year and then start to get back to historical levels of profitability within the premium space, especially because of the size of the equipment, the freight component was crazy on it. And therefore, now that we’re back to pretty much pre-pandemic levels on pricing, that we should see pricing come down. And you will see adjustments to pricing to move out inventory that we want to move and then you’ll see adjustment in retail pricing based on lower cost, so we can maintain a competitive nature with our competition.
Thomas Forte: Great. Thanks for taking my questions, Pat. I appreciate it.
Pat Lavelle: You’re very welcome, Tom.
Operator: And thank you. And one moment. And I am showing no further questions. I would now like to turn the call back over to Pat Lavelle for closing remarks.
Pat Lavelle: All right. Very good. If there are no further questions, I’d like to thank you for your interest in VOXX, coming on the call today and I wish you a very good day. Thank you.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
