Rati Levesque: Yeah. So, thank you for that question. As far as marketing efficiency, that wasn’t intentional, pullback some of the areas, but again, driven out of efficiencies. So we were able to segment out our base, again, from low value, mid value, high value, consigners and customers really target them in the right areas. You have heard us talk about mid value and how that was soft. Looking at the supply specifically. So the marketing team is doing a great job to, continue to find those efficiencies in general.I’m sorry. Was there a second part, a question?
Ashley Owens: Oh, yeah. Just how we should be thinking about the rate going forward.
Rati Levesque: We continue to offer, offer, operationalize that and find efficiencies. So, you know, like any other department, whether it’s operations, marketing, sales, we’ll continue to find efficiencies there.
Operator: [Operator Instructions]. Our next question comes from Rick Patel from Raymond James.
Rick Patel: Good afternoon. Can you talk about what guidance assumes for the size of the direct business in the fourth quarter? And any thoughts on the right way to think about the size of the direct business in 2024 and to what degree you see it impacting GMV and revenue going forward?
Robert Julian: Rick, this is this is Robert. I’ll take that one. You saw in Q3 that our direct revenue as a percent of total revenue was in the low teens and to be honest that’s gotten down to a pretty low level. As we have mentioned before, there will all be always be some direct business. There’s out-of-policy returns to drive direct business, there’s found inventory and sometimes it creates direct business. We have more or less stop the open to buy generally, although there are some very specific items, very high demand items, whether it’s Rolex Watches or Hermes handbags or so on, that we may continue to do some purchases and so there’ll always be some direct revenue, but this current level in the low teens is probably getting to be around the new normal and so I think what you should expect is something very similar to that in Q4 and also going into next year.
Rick Patel: And then you touched on certain categories that are doing well. I think you mentioned fine jewelry handbags and watches. Can you touch on your supply of inventory for these categories that are working? How do you feel about how you’re positioned to monetize this demand that’s working?
Rati Levesque: The good news about us is that we’re quite dynamic when it comes to supply. Our sales team does a really nice job of bringing in the supplies that the merchant need or the customers need at the right time. You know, we are – have definitely changed the way we’re looking at supply versus units, like we’ve talked about in the past to retail value. So that quality, that higher end product, the sales team gets more points for, for example. So as far as watch as their concerned, handbags, jewelry, you know, quite healthy when I look at, again, mid and high value product Year-over-Year as far as inventory to sell. So, the team does feel good about supply through the end of the year. So that’s puts us at good place in Q1 as well.
Operator: I am showing no further questions.I would now like to turn the call back over to John Koryl for closing remarks.
John Koryl: Thank you. Thank you for joining us today. Before closing the call, I want to take a moment to thank our team at The RealReal. I am humbled to work with such a dedicated, passionate, and professional workforce. Thank you for your daily efforts to fulfill our mission of sustainability lives out our values of excellence and moves our business forward. I’d also like to thank our more than 34 million members that are joining us on our mission to extend the life of luxury and make fashion more sustainable. Thank you.
Operator: This concludes today’s teleconference. [Operator Closing Remarks].
