Tom Champion: Hey good afternoon, guys. Steve, maybe a quick one for you. Could you please talk about the GMV growth you’ve seen internationally, it looks like international FX-neutral exceeded domestic for the second quarter in a row. And I’m just curious, if you’re kind of surprised by that result. I think you referenced P&A and maybe luxury driving that. And then curious that the $100 million benefit, I believe, to €“ to GMV in the guidance. I think there was some reference to that in the guidance. Maybe, Jamie, just a quick one for you, if I could, can you just talk about authenticity and how you feel like you are executing and whether you’ve turned a corner there. I think most of the recent acquisitions have been centered around authenticity and removing fake goods. How do you feel about your progress there? And how much further do you need to go? Thank you.
Steve Priest: Hi, Tom, I’ll pick up the first one. Obviously, we’re seeing different dynamics based on our international business and the US business based on the macro environment, the dynamic macro environment that we’ve been operating in. And obviously, some of those challenges were more pronounced than the international business earlier than the US, and we called out some color with regards to that as we guided the fourth quarter actually in terms of some of the US softness that we saw in October coming through that. The thing I would say is that, the execution our own focused categories, both in Europe and the US is seeing underlying momentum P&A, for example, we’re number one in a couple of the key markets in Europe, in the UK and Germany and number two in the US and things like P&A, luxury, refurb are seeing good momentum both internationally and in the US.
Specifically, pertaining to the $100 million that we laid out in the prepared comments, this is a specific GMV benefit as a one-time item in Q1, which we do not expect to continue through the year. It’s most notably around Chinese sellers, keeping their stores open through the Lunar New Year, which is not typical for this time of year. Jamie over to you?
Jamie Iannone: Yes, Tom. So on authenticity, we’re feeling great about what we’re seeing in terms of the impact that it’s having on customer satisfaction and the execution of it. If you think about it for those focused categories like luxury handbag, sneakers, watches, authenticity is what provides the game-changing level of trust. That’s different in other categories. So in refurbish, for example, it’s the two-year warranties and the 30-day hassle-free returns. And then something like P&A, we just launched this week Guaranteed Fit, which is really the game-changing level of trust, which is guaranteeing that, that part is going to fit your product, which is really key. The acquisition that we did recently with 3PM Shield, it’s really a state-of-the-art market compliance capability that they’ve built using really advanced AI technologies to help keep prohibited items off the platform.
And that’s really just continuing the theme of building trust on the marketplace, and eBay as a trusted place to shop, which has paid massive dividends, giving us a great ROI from the investments that we’ve made to-date, and we feel really good about the progress and where we are.
Tom Champion: Got it. Thank you.
Operator: Your next question is from the line of Nikhil Devnani with Bernstein. Your line is open.
Nikhil Devnani: Hey, guys. Thank you for taking the question. I had a couple on GMV growth, please. Steve, you mentioned that US softness that you called out in October, did that persist, or did you see any kind of changes in trends there better or worse? And then in terms of the 2023 growth framework, thanks for that, but is 22% the right year to use for seasonality given Omicron and just post-COVID dynamics it feels like you started the year well. Just wondering why GMV would step down in Q2, Q3, especially as you invest in the marketplace as well to make it better? Thanks a lot.
