Allen Lutz: Okay. Great. And then following up on a question around SG&A, I know it was up a little bit around strategic investments and software spend. Can you just speak to the duration of those investments? I’m not looking for any commentary on 2025, but just trying to understand when should we expect those spending trends to normalize a bit? Thanks.
Kevin Barry: Yeah. I think, for the portion of it that was related to some of those big distribution investments we made this year, those kind of have normalized here in Q4. So we’re seeing those kind of step down. But we continue to invest in our software portfolio. Those will be more sustaining as that team continues to work on those product feature sets and some of that’s capital, some of that’s expense and so that will be more sustaining in our business as that part of the portfolio grows. So you will see a bit of a step down here in Q4 going forward related really to those warehouse expansions.
Allen Lutz: Great. Thank you.
Operator: Your next question comes from Justin Lin with William Blair. Please go ahead.
Justin Lin: Hi. Good morning. Thanks for taking my questions. First, just on the equipment side, what are you seeing in terms of pricing headwinds on the intramural scanner side? Your competitor has talked about that for a while. So just curious to see how that dynamic plays in your Dental Equipment business?
Kevin Barry: Yeah. We’ve — I think we’ve talked a bit about over the past number of quarters, the pricing pressure in those categories. I think we’re starting to see some stabilization there. We’re starting to sort of lap it. It might have another quarter or two of that headwind, but it certainly seems to be stabilizing from what we see in our data on those high-tech categories.
Justin Lin: Got it. And value-added services on the Dental side specifically is about flat year-over-year. Can you talk about what drove that? Seems a little wide compared to how that business has done historically in the past, call it six quarters.
Kevin Barry: Yeah. So just to remind you that those, that category encompasses kind of a variety of the services we provide our customers, including our software portfolio, our tech service repair portfolio. There can be some seasonality and puts and takes within our tech service business and those software businesses quarter to quarter. So, like you said, we’re kind of flat this year, this quarter for that portfolio. But I think we’d say that, that was one quarter over the long-term. We still expect that part of our business to grow faster than the overall as we continue to invest there.
Don Zurbay: Yeah. I think that would be an important category to look at, again, like many of our categories, but that’s an important one to look at over longer periods of time.
Justin Lin: Got it. Thank you.
Operator: Your next question comes from Kevin Caliendo with UBS. Please go ahead.
Kevin Caliendo: Thanks. Thanks for taking my question. I do want to talk a little bit about 2025 and while I’m not asking for specific guidance, I just want to think about when we think about headwinds and tailwinds as we bridge to 2025, the things that you can control in terms of investment spend and capital deployment. Should we think about those as being incrementally a headwind, a tailwind in terms of investment spend or the way you deploy capital this year was a little bit more aggressive than historical in terms of share buyback? Just thinking about the things that you can control, what might be incrementally positive or negative to earnings growth for next year versus what we saw in fiscal 2024?
Kevin Barry: Well, I think, I’ll start and Don can chime in. Specifically, on the share buybacks, you’re right. We have returned a lot more capital to shareholders this year, and as a result of that, there will be a share tailwind going into Q4 here and into fiscal 2025. That will help us from an EPS standpoint. So that’ll certainly be a tailwind going into next year. For some of the capital expenses we’ve had this year, we have had an elevated amount of CapEx this year. As we get into our budgeting cycle this year, we’re going to be evaluating what the right level is like we always do. It might step down a bit going into next year as we lap some of those investments maybe this year. But I still think we’ve got some really good investment opportunities internally that we want to fund and we’ve got the balance sheet to do so. And Don talk about…
Don Zurbay: Yeah. I mean, I think, Kevin brought up a good point at the end there. I mean, it is elevated. Some of the particular projects that we’ve talked through here will go away. But we do and are finding more and more opportunities internally that are good investment value for us in terms of use of our capital. So I would expect us to continue to be aggressive to find all the internal projects we can that are going to benefit us in the future.
Kevin Caliendo: And if I can ask a quick follow up on Dental Equipment. There is — I think some of the messaging we heard from your competitor yesterday was that maybe demand was going to come back a little bit in the second half of calendar 2024. And I guess what I’m not asking for any of that, but do you think demand is elastic based on price where the prices have come down enough where now there’s increased demand or was it purely macro interest rates and now that that’s a new normal, things can recover. I’m just interested in your take on sort of what’s driven equipment, both digital and core demand in either category, whether it’s price, economics, interest rates or the like?
