Steve Priest: Hi, Nikhil, thank you for the questions. First of all, with regards to the fourth quarter and coming in, as we said in our prepared comments, really pleased to see some of the execution particularly in a couple of key focus categories like P&A and refurb continue to sort of be highlights for the fourth quarter as we came through it. As we’ve mentioned, came through towards the top end of the guide. And really, we did have less headwind as we’d expected on an exchange rate basis, with the US dollars we went through. But some core strength in a couple of the focus categories as we come through the fourth quarter. With regards to the sequencing, we’re dealing with an incredibly dynamic macro environment and we wanted to give some color for the investor community as we start to think about 2023.
And obviously, the macro dynamic has been challenged during 2022. And so in that directional color, we’ve given a comprehensive guide for the first quarter. We continue to execute in the underlying business. But based on the uncertainty that we are facing at the moment and the continuation of that macro challenge we felt it was most prudent just to sort of lay out that sequencing relating to 2023.
Nikhil Devnani: Got it. Thanks a lot.
Operator: Your next question is from the line of Ross Sandler with Barclays. Your line is open.
Ross Sandler: Hey, guys. Just a quick follow-up to that GMV sequencing answer on that last one. So it doesn’t sound like you really ascribe to the theory that consumers may shift some wallet share away from services and back to goods in 2023, which is kind of the opposite of what happened in 2022. So any comment on that? And then I guess, just what would it take to get back to that GMV framework that you laid out at Analyst Day. Is there anything else in your control that you can see to get those GMV growth rates up to the mid-singles? And then the second question is just we’re seeing a lot of inflation around the world, different rates in different countries. You guys have a lot of cross-border corridor. So how is lower inflation in the US potentially than places like the UK and Germany impacting your business as far as the cross-border? Thanks a lot.
Steve Priest: Hi, Ross, I’ll take those. So with regard to the GMV sequencing, we haven’t guided the full year. We’re just trying to give some directional alignment. We’re just trying to plan our business effectively around the dynamic macro environment that we’re seeing. Again, put a very comprehensive guide up for the first quarter, really pleased with the execution of the strategy, which is working well and leaning into the focus categories that we’re still to execute. We mentioned the fact that we do see as many commentators say, a very, very challenged and certain first half of the year. Again, we’re just given some direction on alignment about how we think about things as we navigate through 2023. So just providing some color accordingly.
With regards to the Investor Day GMV framework, we’re leaning in exactly where we said we would, whether it’s luxury, whether it’s P&A, Jamie talked extensively about the benefits of authentication impacting the business. And so we are seeing underlying positive growth in our business as we execute the strategy, continue to be fueled by the momentum that we’re seeing with payments and ads. In terms of the timing of the GMV framework that we laid out at Investor Day, that’s really a function of the potential severity and duration of the macro environment that we’re operating in, which will obviously have an indication in terms of the timing of when we get to those longer-term targets. And then finally, with regards to inflation, as you imagine, inflation is impacting a number of our businesses across the US and in Europe.
