And actually, yesterday was the primary day in which we took action on the elimination of roughly the 100 positions. So those certainly will incur a one-time severance charge here in our fourth quarter and roughly be out of our ongoing P&L for a portion of this quarter. That’s why I think when you see the decline in our revenue guidance, you see that coming in with a little less dynamic impact to the EBITDA grain previously given in previous quarters. It’s partially mitigated by some of the contentious cost controls as well as the impact of the lay-offs that we did yesterday. I don’t know, Trey, I don’t know if you want to comment on the revenue progression.
Trey Martin: Yes. I mean a big part admittedly, in the first 90 days here for me has been looking at our monthly revenue progression and performance and focusing really on the reorg and restructure activities with facing the reality that we see today, we are certainly optimistic that this the, let’s say, the leg down in July and August will be, we will set the stage for the next level of growth, but are certainly not ready to call that pivot point. So the, again, the reorg, realignment has been based on the first 3 months where I’ve been in seat here, which unfortunately have been three lower months of revenue compared to the past, but we’re on a, we’re on a, I think, a relatively stable keel now going forward and have taken basically the same approach for Q4 for the rest of the year, which is the reason for the guide down.
Operator: Our next questions come from the line of Conor McNamara with RBC Capital Markets. Your line is open.
Conor McNamara: Hey, guys. Thanks for taking the questions. I think I’ve got one for each of you around the $30 million cost cuts. First, Trey, if you think about those cost cuts, I mean, it sounds like they are in manufacturing and probably some in sales, does that how does that, if any, impact your ability to hit the growth rates that you’ve talked about historically? And at your R&D Day, you’re still going to hit that target? Will these cuts allow that? And then as a follow-up, Kevin, just assuming you still can’t hit your revenue, should we just think about that $30 million helps that? Whatever your EBITDA margin target was that you had outlined for those plans?
Kevin Herde: Yes, I’ll take the first part. I’ll ask the second part of that and just touch on it. Yes. Again, those reductions are about half in the operating lines and about half in the SG&A line, but predominantly more in G&A and not on the merchant side as, again, we continue to invest. There is also important, I think, as we went through this exercise, it was, we looked at the business in a couple different manners. We looked at the overall reduction in kind of cash costs, which are predominantly labor and variable costs, and it’s around a 20% reduction of those of the company. But we are very specific in targeting areas that we thought we could reduce without impacting our ability to grow at the rates in the modeling in which we’re projecting going forward.
And I think we’ve done that in all the teams across the company and the new leadership that we have came together to agree on a plan that both had financial targets but also made sense operationally and made sense to Trey’s reorganizing the company in the manner that we want to move going forward. So yes, I think we feel we’ve made the right reductions that are real estate improved based on what revenue currently has, but it does not hamstring us to hit our long-term growth objectives. So I’ll just, I’ll leave that component of the question there.
