Charles Gillespie: Sure. I think if we look at the third quarter, we had a very strong start in the Kansas market, which drove the outperformance on revenue. As I touched upon before, we have seen a little bit of pressure on the cost side. So we are operating on slightly lower margins than what the analyst forecasts were suggesting. Looking — if you look into the fourth quarter, we are in a seasonally stronger quarter overall, but we don’t have the big bang state launch that we saw in Q3. Maryland is launching and this was confirmed, I think, this morning, it’s a little bit difficult to know how that will play out. We are currently being cautious in our assumptions on Maryland for the fourth quarter, but we expect the biggest impact to come in the first quarter.
Jeff Stantial: Great. That’s helpful. Thank you.
Charles Gillespie: Okay. On operating expenses, I think, Q3 adjusted operating expenses is a good ballpark number. You will see some possibly a small increase on that, but we have scaled down the pace of borrowing as we don’t grow operating expenses in the same way that we did in the first half of the year.
Jeff Stantial: Okay. Understood. Great. That’s helpful. Thank you. And then for my follow-up, could you just frame how you are thinking about the repurchases here a little bit more? I think you kind of answered this in the prepared remarks, but is this going to be more opportunistic versus programmatic? And kind of how do you marry kind of spotting dislocations in valuation and leaning into the repurchase program to exploit that versus making sure there’s enough liquidity in the stock for shareholders? Thanks.
Charles Gillespie: Yeah. We do see some horizon in terms of economy, geopolitical markets, and if the shares come under pressure and there’s an opportunity to opportunistically buy back our shares, then we want to be able to do that for the benefit of all of our shareholders.
Jeff Stantial: Yeah.
Charles Gillespie: And that’s — I think that’s the thinking behind it.
Jeff Stantial: Okay. Great. Understood. That’s helpful, Charles. And then if I could just squeeze in one more. One of your competitors talked today in their earnings release about making much more of kind of a marked push to switch to more of a rev share model here in the U.S. Can you just talk about how you think about pricing strategy in the near-term and if you think it could make sense to start to push more rev share or hybrid models versus predominantly CPAs as the market stands? Thanks.
Charles Gillespie: Yeah. We run the same calculation that they do and we are increasingly interested in monetizing with rev share in the United States, but we are not pushing as hard as they are.
Jeff Stantial: Perfect. That makes sense. That’s all I had. I will pass it on. Thank you both.
Operator: Thank you. Our next question is from David Katz with Jefferies. Please proceed with your question.
David Katz: Hi. Afternoon, everyone. Charles, if you could just talk a little bit about what we have seen from operators with the narrowing losses. And the degree to which that is good for you or neutral for you or is it — in some way, does it make them less inclined to ramp up their affiliate business. If we can just talk about the puts and takes and issues around that, please?