“And then Q4 typically is our highest margin quarter. So, we are focused on that step-up and it's typical for us.”

In context

“he question. Karen, I do want to ask on the Q4 margin step-up. Q3 was a little bit light on margins from FX and currency. Just curious if there is anything other than improving revenue to drive the Q4 margin step-up? And then I know you are not going to get much on FY ‘24, but curious if you could kind of frame the opportunity on the cost side. I don’t know if there is enough to offset the mid-single digit inflation or partly offset that or more than offset. Just a little bit of color on the cost savings side would be helpful. Thank you. Karen Parkhill: Yes. Thanks, Travis. So, on Q4 margins, that will be – revenue growth obviously helps. So, we will start there. But we also will be driving cost reduction starting last quarter and even more into the fourth quarter, that will help as well. And then Q4 typically is our highest margin quarter. So, we are focused on that step-up and it’s typical for us. On the cost opportunity for FY ‘24, again, we are not going to size it right now. But we have said that we are focused on driving a significant cost reduction to help partially offset the impacts that we have got from the various headwinds and the investment that we need to make. Travis Steed: Great. Thank you. Ryan Weispfenning: Thanks Travis. And we will take our final question please, Brad. Operator: The final question comes from Rick Wise at Stifel Nicolaus. Rick, please go ahead. Rick Wise: Hi. Good morning. Thanks Ryan. Maybe, I will just – interest of time here, just focus on – back on one topic, Hugo. Geoff, it seems like you are seeing a good ramp in Europe. But maybe you could quickly update us on supply chain? Is that resolved, resolving, almost resolved? What’s your thought ab”