Michael Baker: Yeah. Understood. But understanding you didn’t give fourth quarter guidance in the past, I understand that, but you gave full year guidance. We knew the first half and you gave third quarter guidance. So I can back into you have implied, if you will, fourth quarter outlook. I guess that’s what I was referring to. But fair enough…
Charles Bracher: Yeah. We could provide a full year range, but I get your point.
Michael Baker: Yeah. Okay. Appreciate the color. Thank you.
Charles Bracher: Thanks.
RJ Sheedy: Thank you.
Operator: The next question comes from Simeon Gutman with Morgan Stanley. Please proceed.
Michael Kessler: Hey, guys. It’s Michael Kessler on for Simeon. Thanks for taking us. My one question, just looking at Q4 related to a prior question, the Q4 outlook, it looks like it’s implying about 100 basis points of potentially lower margin lease versus the consensus setup and where we were thinking. As far as the kind of the recapture potential for next year, the fact that it could be mostly resolved, does that kind of mean that we should be seeing some sort of like relatively comparable bounce back next year as we move into 2024 or is there also some sort of component of higher run rate costs associated with the new systems that kind of just speak to the evolution of your systems and the business as it scales?
Charles Bracher: Yeah. Michael, it’s Charles. I’d say, it’s premature for us to provide specific guidance. I think RJ’s reference was with respect to the fact that we don’t expect to see any lingering margin impacts going into next year. But, again, at this stage, we will stick with our current cadence of providing fiscal year guidance on the February call. But, again, in terms of our orientation, we are feeling great about the underlying health of the business, really looking forward to next year. Again, value is resonating with customers, the buying environment is strong and so we know we will be well positioned for whatever the backdrop exactly is for fiscal 2024 and we will provide all that color on the next call.
Michael Kessler: Okay. Thank you.
Operator: The next question comes from Jeremy Hamblin with Craig-Hallum. Please proceed.
Jeremy Hamblin: Thanks. Sorry, one more follow-up here on commission support. Just in terms of dollars and cents, the commission support, is that going to be higher, I would assume, in Q4, because of the bigger impact to comps than the total value in Q3? And then, secondly, if we kind of back out the gross margin impact here, you have obviously had other strong year on comps, but it looks like your — just your structural gross margin maybe is a little bit higher than what it had been pre-pandemic. But just wanted to see if you could comment on that and any particular driver of that or is that just quality buying environment and still a little bit of inflationary pricing offset by costs coming down a little bit?
Charles Bracher: Sure. So as it relates to the incremental commission support, yes, in the fourth quarter, we do expect that it will be a larger impact than the third quarter, again, for the same reasons that we are seeing a larger impact to both comp and gross margin with the additional months in the fourth quarter. That again is all reflected in the fourth quarter guidance that we provided. As it relates to sort of the normalized margin for 2023. Yes, we feel, again, it really is a reflection a variety of things. It is a favorable buying environment. The team continues to do a great job and we continue to see great deals across the assortment. So, again, premature for us to say exactly what the environment will look like in the next year, but feel great about the positioning as we enter fiscal 2024.
Jeremy Hamblin: Great. Thanks for taking the questions. Best of luck.
RJ Sheedy: Thank you.
Operator: Thank you. At this time, I would like to turn the floor back over to RJ Sheedy for closing comments.
RJ Sheedy: Thanks everyone for joining us today. Appreciate your support and look forward to updating you on our next call. Have a great rest of the day. Thank you.
Operator: Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.
