Steve Priest: Yes. So Deepak, we’ve obviously gotten a very comprehensive Q1 guide. And as I mentioned earlier, because of the uncertainty still the dynamic macro environment, we’ve not given a full year guide at this point. With regard to the seasonality question that you had, that pertains to directional color associated with GMV. And so that’s how I would sort of locate that. Specifically thinking about capital returns that we’ve laid out, just sort of taking a step back, in 2022, we returned $3.6 billion to shareholders through dividends and buybacks, which is 170% of free cash flow. As you’re thinking about capital returns, we remain committed to the 125% of free cash flow target that we laid out at the investor event between 2022 and 2024.
So we’re sort of tracking above that. And as I think about 2023, our priority really to start with is going to be to be committed to offsetting dilution in terms of the such share count, while continuing to balance the capital needs of the business. We have lent in and done a 14% increase in the dividend from $0.22 to $0.25. But for me, our fortress balance sheet continues to be a key competitive advantage in this environment to enable us to continue to invest in the business. So I hope that gives you a little bit of color about how we’re thinking about 2023.
John Egbert : Operator, can we do one last question, please?
Operator: Your final question comes from Mark Mahaney with Evercore. Your line is open.
Mark Mahaney : Thanks. Two questions, please. This advertising continued ramp penetration now to 1.8% of GMV. As you’ve looked at third-party data points and maybe as you’ve looked at that penetration within verticals, do you have a better sense of how high that penetration can rise overall? And then secondly, just talk a little bit about you had the step up in focused category marketing spend and just your confidence level that you’re getting a good return on that. There’s a clear deleverage in the model, but there’s a lot of noise in there. So just how do you look at that and the proof that that’s actually working out for you? Thank you.
Jamie Iannone : Yes. Thanks, Mark. So on the ad side, like we said at Investor Day, we have line of sight to 3%, which we still feel great about. If you look at the performance, Promoted Listing Standard continues to be the workhorse of the product, and we’re continuing to drive additional penetration there, hitting 2 million sellers and 700 million listings. But we’re also excited by our new products. They once again grew 20% quarter-over-quarter and we’re making it easier for sellers. I talked about Quick Setup, which makes it much easier to come into the program and use the program. And then we’re working on things like multi-user access, which we just launched which enables more flexibility to actually bring in an ad agency to help you manage your ad campaigns.
So I feel great about the potential there, growing 30-plus percent over volume and what we’re seeing. On the focused category side, been really happy with the performance of the marketing spend. If you think about it, we’ve shifted our model from being really kind of lower funnel optimization to doing more full funnel. And that’s driving more enthusiast buyers into the platform, and it’s allowing the overall spend to work a little bit harder. But at the same time, it’s really allowing us to bring buyers in and then leverage them across multiple categories. So if you think about like a sneaker buyer, they will come in and buy $450 in sneakers, but then they’ll buy $1,900 in other products in other categories. A handbag buyer will buy $2,500, but then spend $5,000 elsewhere.
