Stephen Priest: Tom, I’ll pick up the first one and the third. I’ll let Jamie comment on the second. So the first one with regards to international versus U.S. GMV dynamics, there’s a couple of items that are worth reflecting on. As a reminder for you all, the GMV is reflected on the geography where the seller is domiciled, i.e., where the sale takes place. So first, it’s associated with lapping dynamics. If you recall, Europe, in particular, got hit harder as we sort of went through the awful events of the war in Ukraine and the economic fallout associated with that. And they got hurt earlier, and we started to lap through that versus the U.S. in the first half of 2022. Secondly, we saw the supply chain challenges that we’re also lapping and the easing of those supply chains, particularly for our cross-border business that Jamie talked about earlier is helping drive international GMV momentum as we have an increase in cross-border trade, obviously fueled by some of the benefit from eBay international shipping.
The one thing I would say on the overall GMV basis, I continue to be very enthused by the overall level of momentum because we’re leaning not only to focus category in the U.S. but also internationally, and those investments are bearing fruit across all of our geographies. Jamie, do you want to just touch on the other question before I talk about capital…
Jamie Iannone: Yes. Look, I think the momentum we’re seeing is a reflection of the strategy that we have laid out and seeing it working. So if you think about focus categories, which was our largest one that we’ve — we took on P&A, which was our largest one that we’ve taken on to date, having that grow mid-single digits, the category over $10 billion and be at market rates of growth speaks to the fact that we know how to roll out this playbook and make it successful. And frankly, we’re continuing to invest back into categories that we’ve already launched because of the return that we’re seeing. We feel good about things like what we’re seeing in refurb with the double-digit growth, et cetera, the success that we’re seeing in ads and payments.
So we’re really happy with the momentum that we have there. As Steve talked about, we’ll kind of deal through the macro pieces. But we’re continuing to invest behind the strategy because we feel like it’s working and the investments are really paying off for the customer and for shareholders.
Stephen Priest: Tom, specifically pertaining to your question on capital returns, we remain committed to the return of 125% of free cash flow as we talked about to shareholders through stock buybacks and dividends between ’22 and ’24. As I look over the last 18 months, we’ve returned $4.4 billion to shareholders, which is 130% of free cash flow. Specifically around certain assets that we hold, I’m not going to share any specific details on any of our specific investment stakes, but it will continue to be our priority as it’s always been to drive a disciplined approach and to maximize shareholder value through the investment portfolio.
Jamie Iannone: Operator, can we do one final question, please?
Operator: Your final question comes from the line of Doug Anmuth with JPMorgan.
Wesley Sanford: It’s Wes on for Doug. Just a quick question on P&A. Outperformance has been solid, but just kind of curious what you’re seeing on the supply side there or if you feel like you’re constrained on any front on P&A.
