We expect a more challenging operating environment in the musical retail industry in 2024. Macroeconomic headwinds have pressured consumers in the low- and middle-income segments. However, we believe Sweetwater's proactive outbound sales efforts will offset some of the softness in these segments and that its institutional customers will be more resilient. Our base case forecast projects low single-digit revenue growth with S&P Global Ratings-adjusted EBITDA margin of 8.2% compared to 8.4% in 2023 We expect margins to be somewhat pressured in 2024 based on the operating environment but subsequently expand in 2025. Furthermore, we believe the company will work down its inventory position from elevated levels leading to a working capital inflow. We project capital expenditures around $25 million with
