Brian Grass: So the 50 basis points is relative to Q2. So like you said, low 47and then say1.5 points on top of that for Q4.
Peter Grom: Okay. Yes. I was just making sure it was the 47, we’re building the point half off of the low 47, not off of the Q2 number [Multiple Speakers] And then just a last question for me, just like more bigger picture. I mean Brian, you’re pretty clear that you’ve embedded enough cushion in your guidance. But I would just be curious, it’s been a pretty challenging environment to kind of predict what is going to happen. How would you characterize your visibility, right? I mean we’re not that long ago where you were kind of expecting a return to revenue growth in 3Q and that kind of didn’t play out. So I guess I would just bigger picture question. How much visibility do you think you have at this stage as you look out to 4Q and into next year?
Brian Grass: I’d say, overall, it’s good. I mean I get your point about we did make a change in Q3 that, I think, is a reflection of us staying close to our retailers and listening to what they’re having to say and that’s reflecting that adjustment as soon as we kind of get that visibility. And look, we can’t perfectly predict retailer adjustments at the beginning of the year. So hopefully, what it shows is, us being very responsive to talking to our retailers, and some of them are very focused on student loan repayment and others aren’t as focused. And so that’s even another layer that we have to get in and understand because you can’t make a blanket statement that all of them are adjusting to that, but some of them are. And I would say we’re — it’s a reflection of us staying close to our market and reflecting that visibility as soon as we have that opportunity.
And hopefully, that gives you some confidence because, like I said, at the beginning of the year, you can’t have predicted that this would come up and the retailers some adjusting to it and some not adjusting to it and which ones and all of the puts and takes. So I mean based on kind of the heap of macro puts and takes and things going on right now, I think we’re managing our forecast and our visibility as well as we can.
Peter Grom: Got it. Thank you so much Brian.
Operator: Our final question is from Linda Bolton-Weiser with D.A. Davidson. Please go ahead.
Linda Bolton-Weiser: Yes. Hi. So I was curious about your view on putting some cash towards share repurchase versus further debt repayment. And knowing the macro environment and some of these things going on that you just talked about, it’s a little surprising that you did the share repurchase already $50 million. I guess, I’m just kind of wondering, have you used all your ammunition? Or is there some ability to do more here with the stock down 9%. Maybe you could just comment on your thoughts there?
Brian Grass: No, I don’t think we’ve used all our ammunition, and we think that the share repurchase was a good investment. And the primary thinking is that even with the repurchase of our shares, we were still able to get to the better end of our leverage target by the end of the year of 1.85 times. And so we thought it was a great thing to do to return some capital to shareholders. We also had a reasonable view on the sale of our El Paso facility and the proceeds that, that would generate, which was also factored into the thinking and helps us be in a very strong balance sheet position to be able to do it. So I view it as a win-win. We’re able to get at the very low end of our leverage target for the year, and we were able to repurchase shares. To me, those are both positive.
