Seth Basham: Thanks a lot. And good morning. Help me put a little more color around the supply agreements that you’re talking about. So the new supply agreements that you’re signing with existing suppliers, or even one new supplier, you mentioned, are these beneficial to you because of the proposed acquisition master term or are those independent? And how should we think about the benefits to gross margin from these into 2024?
Scott L. Thompson: Okay, let’s talk about those. I mean, we’re buying Mattress Firm, it has other suppliers, and we decided it would be advantageous to go ahead and sign some post-merger supply agreements with the suppliers. Why did we think that? One is some of these suppliers Mattress Firm is their largest customer, and it creates an uncertainty in their mind. Some of them need to refinance their debt. Some of them just need to figure out their staffing. Some of these products have long lead times. And so in order to have a stable market, it seemed appropriate to go ahead and both parties come together, make sure we have a meeting of the mind and contractually arrange what that looks like. So it’s good for them, it’s also good for us because it gives us certainty that we’re not going to have any supply disruptions.
And with the contracts we’ve signed, we’ve got enough non Tempur Sealy suppliers to have a multi branded Mattress Firm floor and service our customers. It also gives the Mattress Firm folks the RSAs comfort that they’re going to have some of the non Tempur Sealy products that they love to market. It also is friendly from an FTC standpoint, to the extent if the FTC has concerns that suppliers are going to get shut out, it’s not consistent with our business plan overseas, it dreams or anywhere else. It’s not our business plan here. But we’ve got contracts also we put in place to demonstrate that our business plan is being executed.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Brad Thomas with KeyBanc Capital Markets. Your line is now open.
Brad Thomas: Hey, thanks, good morning. Scott, was hoping I could get a little bit of your kind of first blush on how you’re thinking about the industry as you look out to 2024. Obviously, some of the leading indicators of the health of the consumer like ramping student loan payments could be a headwind, obviously interest rates are going higher. Housing has been slower. So curious, your early take on 2024 and if the industry stays challenge, can you help us think about how Tempur might change strategy if at all in that kind of environment? Thanks.
Scott L. Thompson: And we certainly see and agree that there are some headwinds in 2024 and don’t want to underestimate those or let you think that we’ve got our head in the sand. Those are those are all good points of why the macro, there should be some headwinds in there. But if you look at the industry, we’re already so far on the bottom from historical standpoint that I think that we probably are in good shape. I think some of this is self-inflicted from our execution of an industry standpoint on advertising. So I’ve used the term bouncing around the bottom. Probably the industry took a little bit of a step down, probably bounced a little further down in the bottom. But I think you either get in 2024 bouncing around the bottom or you get this slow recovery that we’ve been looking for in the industry.
What that means for Tempur Sealy, I see nothing going on in the marketplace that would make me think that we would not continue to take market share. And so without I don’t know what 2024 looks like yet, we haven’t finished our budgeting. But I think even if it’s we’ll call it a softer overall market, I think more market share gains will help offset issues there. And then as I mentioned earlier on the call, we’ve got some internal issues that we’re in control of from a cost standpoint, that I think give us some optimism, as to we’ll call it EPS, when you get down there. Top line is going to be a little more volatile to look at but I think we feel relatively comfortable going into 2024 with more details coming when it’s appropriate.
