Josh Silverman: Yes. Thanks for the question. So we’re proud of our marketing efforts, and we think bringing new buyers to the site, the team did a really good job in the fourth quarter, both in the U.S. and in international. We continue to make gains in the U.S. And we talked about, for example, increasing male buyer penetration and investing more in different channels to do that. We talked about NFL ads in a recent call. We’re also doing a better and better job in our marketing on Google and Facebook to be able to speak to male audiences in a more personalized way, and we’re seeing that really pay off. And then internationally, we’ve been fertilizing some of those fields, and we’re starting to see really great results from that.
So we’ve talked about the U.K. a lot. Germany was a great performer in 2022. And in both of those markets now, we have greater than 70% of purchases come from sellers in the same market. So we’ve got a really vibrant two-sided marketplace. And now in both the U.K. and Germany, we’re a top 10 e-commerce site. That’s the result of investing for a number of years to lay that foundation. So we’re really excited in some of the other core markets we have now and how we can see growth there to continue to bring new buyers onto Etsy as we also continue to invest in the U.S.
Debra Wasser: Great. Thanks, Josh. I’m going to move to a question from Rick Patel at Raymond James, concerning our subsidiaries starting with Josh and then Rachel will come back to you afterwards. Can you expand on the most recent developments, Josh, for Reverb and Depop? And though Elo7, he didn’t ask about it, and maybe touch on some new initiatives there. And then, Rachel, circle back with the profit question.
Josh Silverman: Sure. So let’s see, starting with Reverb. Reverb appears to be gaining share versus the musical instrument market, broadly speaking, over time. We feel really good about that. They have a brand that’s highly differentiated in the space. Some of the things that they’ve been working on recently that I think are really cool is partnering directly with brands, so that those brands are launching limited-edition exclusives on the Reverb site. That’s really exciting. It can be a channel for the brands over time, and it gives you a reason to want to go to Reverb because there’s a lot of only on Reverb kinds of things or opportunities for brands to move inventory that didn’t sell at really deep discounts. So for those of you who are musicians, keep an eye on Reverb because there’s a lot of cool stuff going on there.
Another insight that they’ve had is that not all of the inventory is priced right because we saw so much inflation through 2021, and supply chain is backing up, and now prices have settled back down again for many items. And sellers may not have gotten the memo, and so they may have items that are priced for what looked like an attractive price nine months ago that looks very expensive today. And so they’re doing a lot on value right now. How do we help coach sellers for what the current price looks like? That’s the kind of thing that’s really cool that’s hard for Etsy to do because we don’t have catalog of things for sale that all have SKU numbers. But at Reverb, they do, and they can do more of what is the current market price and help sellers make good decisions there.
