So again, that sort of gives you a sense of the dynamic in the business. Where does it bottom out? I don’t know. I mean, I think the – what I can tell you, though, is that declining AOV from our point of view is not a bad thing for the reason you said. Market size is somewhat inversely proportionate to AOV. And if we can bring AOV down without compromising on the quality of the products that we’re selling, then that long run should be a good thing. But where – how exactly those two dynamics play out relative to each other over the next several quarters is hard to tell other than to say that we expect a continuation of the current situation, which is a decline in AOV.
Nick Jones: Got it. And then on just kind of localization in some of the international markets, it sounds like there’s some great engagement trends. I mean, kind of to your efforts there to localize potentially kind of outweigh macro pressures in the given geographies. Is that the right way to kind of think about it near to medium term? Thanks.
David Rosenblatt: Yes, exactly. We’re really happy actually with our efforts in international. Just as an example, in the fourth quarter, organic traffic was up over 200% in both France and Germany and GMV from French and German domains increased over 60% year-over-year. So clearly, to your point, kind of outweighing the macros in the rest of the business. So we’re really happy with that, and we want to continue to put more wood behind it. I think sort of in the interest of managing our capital responsibly because launching new markets, and in particular, putting they paid behind those markets is capital or can be capital intensive. Our primary focus is on kind of finishing out the playbook for new market launches in France and Germany and then expanding that in the later part of this year to other markets.
We are also currently localizing seller tools in Italy specifically because Italy is a great source of supply. Italian sellers, for the most part don’t have the fluency with English that non-Italian European sellers have. And so we hope that, that will unlock more supply. But to the original question in terms of demand, we’re happy with where we are. The goal is to finish out that playbook and then yes, over time, expand into new markets.
Nick Jones: Great. Thanks for taking the questions.
Operator: Thank you. One moment for our next question, please. And it comes from the line of Ralph Schackartv with William Blair. Please proceed.
Ralph Schackartv: Good morning. Thanks for taking the questions. Two, if I could, please. Just on sellers, I think you’ve been growing about 50%, listings growth around 19%. You obviously want to make sure that they’re coming on board and having successful experience. Given the sort of tough macro, how do you balance adding supply growth with the macro headwinds to make sure that they are having a successful onboarding experience? And then just as a follow-up on OpEx, you obviously made some good strides in OpEx savings in 2022. But if the macro persists as we sit here today and going forward, maybe talk about your willingness or your levers to perhaps find further OpEx savings? Thank you.
