So, as the labor market has started to cool, we do think we will return to sort of more normalcy there. But I would also tell you that we do feel like we are now sort of operating at pre-COVID levels, like we are kind of through the entire COVID experience, which is also meaningful. So, we feel like we know what we are dealing with. So, as we get through the trough that we see from the marketing spend change, we think we get to a better place in €˜24 and €˜25.
Brett Knoblauch: That’s helpful. And then maybe one for Paul on the Degree segment profitability. I thought 44% in the quarter was quite remarkable. I guess is that a seasonality in the fourth quarter as maybe there is just less overhead costs and marketing costs associated with it? And is there going to be a, I guess a margin headwind from the revenue mix shift that you are kind of alluding to next year as degree’s revenue decline and AC segment increases?
Paul Lalljie: Well, a couple of things. First of all, the fourth quarter, absolutely seasonally lower marketing spend contributed significantly there. Secondly, marketing and sales, 34% of revenue, some of that contributed to the degree profitability. As we roll that forward into 2023, we are going to be spending more on launches. We are going to be spending more on new degree programs. So, as we look at that and we look at the trends that we are in and getting down the trough and coming out the back half of the year, we will see lower margins in the degree business. But I would say lower margin, it’s going to be higher than it’s been in prior years on an overall basis. I am talking about mid €“ high-20s to low-30s type stuff.
I am not talking about numbers that are sub-20s or anything like that. So, it’s going to be very good margins. And at the same time, we have the alternative credential business that’s going to become profitable and contribute to the margins on a total company basis. And keep in mind, what we are doing here is positioning us for 2024 top line growth overall and continued to increase profitability, so that we can get to net income positive, EPS positive in 2024. And to some extent, when you think of all of this from a total company perspective, the degree business is doing what it’s doing, the Alt Cred business is doing what it’s doing. But enterprise is a surprise, and it’s the big one that drops to the bottom line as we get into back half of 2023 into 2024.
Brett Knoblauch: Perfect. Really appreciate it guys. Thank you.
Operator: And we have no further questions. So, I will turn the call back to Steve Virostek for any closing remarks.
Steve Virostek: Good. I just want to thank everyone for joining us today. A reminder to stop by our Investor Day in New York on March 21, you can now register on our website. And if you have follow-up questions, please give a shout out to Investor Relations. Thank you.
Operator: Ladies and gentlemen, this concludes today’s conference call. We thank you for your participation.
