Michael Lasser: Okay. Thank you very much, and good luck.
Joseph Vassalluzzo: Thanks, Michael.
Operator: Thank you. One moment for our next question, please. And it comes from the line of Greg Burns. Mr. Burns, please state your company name and proceed with your question.
Gregory Burns: It’s Greg Burns from Sidoti & Company. Just to follow-up on that last question around, Varis, now that the stack is, I guess, where you want it to be or completed, what are the major bottlenecks in terms of onboarding new customers? Is it just more sales resources? Or how do you see the growth they’re developing?
Anthony Scaglione: Yeah, I think it’s more getting the customers on-boarded, and then the ramp and the conversion from potentially not having a system in place from a procurement or switching procurement system just takes a little bit of time. So as we now have the stack developed and we’re going to continue to make progress with the tech stack to continue to add features, but the majority of what were the delays in the first half were rectified in Q3. So it’s really about the customer conversion and then ultimately that customer conversion since it is a growth transaction volume business, getting those customers to interact with the platform, and ensuring that we see the GTV growth over the next couple of quarters going forward.
Gregory Burns: Okay. And then for Office Depot, I know a while back maybe your analysts that you’d put out a target for getting to flat comps on that side of the business, do you still have line of sight on that? And maybe could you give us an update on some of the new growth initiatives you have there around new product categories, maybe new service offerings to drive retail traffic to your stores?
Anthony Scaglione: Yeah, sure. On the first one, again, we’re not providing any updated long-term guidance, but we plan to address all those questions as we guide for 2024. From a category expansion, as I mentioned last quarter, really just started the expansion of the categories, and it’s really early days. The feedback has been positive. We did a lot of agile test and learn, and we saw progress both in the party and dorm collections that we launched this year. We just hired a new chief merchant in Office Depot, someone from outside the industry who’s really bringing in a new fresh perspective on both category management and expansion. So it’s early days and we see opportunities, how we’re going to drive the traffic both on our e-commerce and in-store is going to be doing things differently and we have plans in place to address that in 2024 and beyond.
Gregory Burns: Okay. And then for Business Solutions, I guess, obviously technology and maybe some other categories like furniture or being a little bit of a drag. Are we – where are those categories relative to pre-pandemic? Like have we reset the bar now where you can grow or is there more maybe potential downside to some of those other adjacent categories?
Anthony Scaglione: Yeah, let me break that down a little further. So when you look at a pre-pandemic, obviously the pandemic came in cleaning and breakroom, tech, workspace, it all went up as you can imagine companies redefining work from home. So we saw lift across all our business. As we look at tech, I think tech is more of this year specifically a cyclical impact. I don’t think we’re alone here by any means in terms of what we saw as softness in the tech. It’s starting to see some opportunities open up recently, but I still think there’s opportunities in 2024 that will normalize. So, tech, I would look at it as more of an industry-wide, not ODP Business Solutions, ODP specific issue. For furniture, there’s large deals and we’ve had some great wins even this year.
