Bobby Griffin: Okay. Yes, that’s helpful. Yes, because I don’t think, I don’t know if the street models necessarily have that captured. I guess, or captured correctly. I guess the next question I had is just on BrandsMart, and it’s just more on the implied 4Q revenue performance versus the year-to-date trends. It does imply from a year-over-year decline, the decline lessens a lot. I know we got one new store, so is that just the difference or is there some view on the promotional side of things or just maybe walk me through kind of the assumptions in the 4Q implied revenue guidance for BrandsMart?
Kelly Wall: So, Bobby, you’re right. We did open the Augusta store. The grand opening was this past weekend, and so there will be a contribution in Q4 relative to last year. Also, we are, we’re kind of comping over a week Q4 last year as well. And so, while our view on the quarter does incorporate kind of the demand trends we’ve seen year-to-date, I think the two positives are comping over a weaker comp and in the addition of Augusta.
Steve Olsen: Hey Bobby, this is Steve. In addition, we’ve invested more in the holiday season from a marketing perspective both on the direct response side and digital marketing side with a real focus of really driving that value proposition, that low price position down at BrandsMart. We’re excited about our promotional offers that we have coming into the holiday season. And as Kelly mentioned, look, I think we have the right plans to move this business forward.
Bobby Griffin: Okay, appreciate that. And I guess lastly for me, you guys now I think, have owned the business for six full quarters, or at least reported six full quarters. Just any new learnings on how you think about the long-term margin potential? I think the last time we talked a little bit about it was on the 4Q call, but just now, going through the cycle, what do you think about the long-term margin potential of the BrandsMart business?
Kelly Wall: Yes, Bobby, first, I’d say the macroeconomic environment’s really challenging right now for retailers who sell appliances, furniture, and electronics. I’m really proud of Steve and Team’s performance. We strongly believe in the BrandsMart’s compelling value proposition and our right to win over the long-term. We feel like the synergies are compelling. We got a great customer base with great core markets and significant growth potential in terms of units. Our four-wall economics are very compelling over our fixed cost structure. And so that’s really exciting for us. As you know, we grand opening of Augusta, and while we’re going through a downturn right now, we believe over long-term in the BrandsMart’s either profitability. We are not putting out any kind of revised EBITDA or profitability forecast. We should do that as we give outlook for 2024 and beyond.
Operator: Our next question comes from Scot Ciccarelli from Truist Security. Scot your line is now open. Please go ahead.
Joe Chalhoub: Good morning guys. This is Joe on for Scott. I just had a quick question on the sale-leaseback timing you mentioned. Is that due to any changes in the interest or cap rate environment? Or is that something you’re pushing off longer term for strategic reasons?
Kelly Wall: Yes, Joe, it’s Kelly. I mean, as I think you’re probably aware, right? We’ve over the last several years completed sell leaseback transactions as well as the sale of real estate with stores we have closed. We think that as we think about our overall kind of capital allocation strategy. Our view is that we’re not in the business on real estate and that it’s we want to monetize those assets and then put that capital to work within the business or return it to shareholders. As we are ending this year, you’re correct. I think the environment is not as positive, as we end the year as it has been in prior quarters where we’ve completed the transactions. And so, as we think about ending the year, the thought was to just be more prudent in terms of our expectations on timing as it relates to completing that transaction, I thought it best not to include it in this year’s earnings.
