Richard McPhail: Thank you. We’ve maintained a position very close to that 2x debt-to-EBITDA leverage ratio and we intend to do so in the foreseeable future. We will also really maintain consistency with respect to capital allocation. We invest in the business first. We pay our dividends. And then as we determine excess cash, we flow that to our shareholders in the form of repurchases. To your point, to date, we’ve repurchased $6.5 billion. There’s really no change in our stance. And so I think that’s the important takeaway there.
Operator: Our next question comes from the line of Michael Baker with D.A. Davidson.
Michael Baker: Okay. Just thinking about the fourth quarter, if we take the midpoint of the implied guidance, it does suggest a little bit of a deceleration yet. It does seem like your business has been consistent. Is that just a function of — am I reading too much into that? Or do we expect a deceleration? And maybe a second part of that, as you said, Halloween was really strong. Historically, all into your trim a tree or your holiday decorating business. I think it’s like in 10 of the last 14 years, your fourth quarter comp has been better than the third quarter. Why should this year be different than that?
Richard McPhail: Thanks for the question. The narrowing of the range is truly what it is. We saw the extreme points of that range become less likely and so we felt it would be helpful for our investors for us to narrow that range. There has been an assumption all year from the beginning of the year that our guidance reflected a reversion of our share of PCE from the pandemic time period back to 2019 levels. Our prior guidance range assumes that, that share will continue to revert throughout the year. We’ve seen that reversion gradually and steadily. And our current range still has an assumption built in for Q4. We’re largely reverted, but not all the way back. So there is some notion of that in our guide.
Michael Baker: Okay. So sounds like it’s — like I said, it’s just a function of getting to the middle of the range. If I could ask one other question. You talked a little bit about storms and seasonality. I think a lot of retailers have said it’s been a warm fall. How does that impact you? Do you need it to get cold in — as we go through the fourth quarter to drive your business? How should we think about that?
Richard McPhail: It’s been a little warmer, obviously, but not a big impact. We started to see where the weather has normalized. We started to see some of that fall cleanup and fall business really take off. Haven’t seen obviously snow and so forth. So it’s kind of right in line with what we’d say is a little more normalized year and where you see the weather act a little more fallish. You’ve seen the categories and businesses that you’d expect to trend up — trend in that positive direction.
Operator: Our next question comes from the line of Steven Forbes with Guggenheim.
Steven Forbes: Tad, or maybe for Ann, just a follow-up on Pro sales, really focusing on the Dallas market, what’s the chain average. Can you update us on how that market is performing? And then maybe just comment on any behavioral differences that you’re noting between Pro markets based on the maturity of your strategic initiatives focused on the complex Pro. I mean, can you — are you seeing and being able to analyze very like predictable behavioral changes?
Ann-Marie Campbell: Yes. I’ll start off by just saying that the capabilities and functionalities that Hector and Chip have been working on over the last several years are certainly going to help us engineer a deal of momentum and success with the Pro. And Chip, I’ll throw it over to you again because of how intimately you are knowledgeable about that. But there is — this is — the Pro ecosystem is what we are focused on. Now — and not the in-store side — or not only the in-store side, but the complex Pro. And as we build out these capabilities and we see the effectiveness of these capabilities, we’re going to continue to leverage those. And Chip, I’ll throw it over to you to kind of give a little bit more details on Dallas.
Chip Devine: Yes. Thanks, Ann. And Steven, yes, absolutely, where we built capabilities inclusive of assets, distribution assets and where we’ve expanded our sales force, we’ve seen meaningful impact in growth. Our outside sales team is the best-performing cohort of all Pro. So we’re going to continue, as I mentioned before, to invest in that and then add assets where necessary in the appropriate markets.
Steven Forbes: Maybe just a quick follow-up for Richard or Billy, all the ticket conversations here, any way to just sum up how the quarter for big-ticket progressed relative to expectations? It sounds like it performed better than expected. You have sort of stabilization in multiyear big-ticket comp trends. I would imagine that wasn’t the expectation. But any way to help us frame on how the quarter progressed for big-ticket versus internal plan?
William Bastek: Yes. I think listen, it was largely how we planned it. We — I called out some great interaction from our consumers is it related to appliances. Having said that, we were in a better inventory position there. So we saw some tailwind from just our better inventory position as it relates to that. But it largely played out exactly how we had thought it would. And really, again, back to the prior comments, a very balanced year across the board when you account for some of the weather shifts early on and then what we were lapping with the hurricane, very balanced across the board and across the regions.
