We have key initiatives that underpin our 2023 growth plans. To your question in 2023, we expect to be back to growth. That’s driven by the continuing strength of the car business as we lapse these macro factors, Russia is a mathematical equation. We will lapse it by March next year. China, it’s improving quarter-on-quarter. Of course, we don’t know exactly how the situation will pan out, but it’s in double-digit decline this year. Again, from Q2 to Q3, we already saw an improvement. Even if it goes into a flat territory next year, it will be a tailwind, but we need to have moderate expectations there, of course. But we will eventually lapse that China impact as well. And FX, obviously, the dollar is at historical levels, and we’re forecasting — we do our budgets, obviously, on a constant FX basis into 2023.
So we believe that we will have positive impact from these lapsing of the macro factors and the car business, where we have strong data points exiting 2022. And of course, we have these new signed deals. These are not castles in the air. These are signed deals that we’re on track to deliver Ferragamo, Reebok into the first half, Neiman Marcus Group in the second half and obviously, pending regulatory approval, completing the Richemont and YNAP deal and prepared and on track to deliver on those as well. And with all of that and the cost rationalization that we’re doing this year, we are very, very confident that we will go back to EBITDA profitability, which we achieved last year. And you can see by looking at 2020, where we had positive cash flow in this business, when we normalize 1P, and we will normalize 1P in 2023.
And when 3P grows, this business generates cash. And this has been the case historically, and we think very, very confident that we will go back to that cash positive scenario. And look, we’re well funded. To go through this macro volatility, we will end a year with $800 million in the bank, and with a very energized team and a new org to go after all these opportunities. And that — it’s on that basis that we are very confident about 2023 ahead of us. Thank you.
Operator: Our next question will be Doug Anmuth from JPMorgan. Please unmute your audio and ask your question.
Doug Anmuth: Operator, thanks so much for taking the questions. I guess just first, thinking about Digital Platform order contribution, up sequentially and then up about 500 basis points year-over-year. Can you just talk about the potential to get further efficiency gains on your marketing spending and customer acquisition costs and further gains as well on take rate due to Media Solutions? And then secondly, just on China, any expectations kind of from what will look like as things hopefully open up more? And has this period given you more €“ more time to strengthen the offering in the TLP platform? Thanks.
Elliot Jordan: Hey, Doug, Elliot here, good speaking with you. Look, I think as I’ve spoken to investors a number of times, we see significant opportunities as we move forward on order contribution. There’s broadly sort of five levers to see the order contribution expand. You touched on two very big levers, obviously, improving our Media Solutions income, again, a record level of revenue this quarter, but still running below 1% of overall GMV. And we benchmark ourselves to other marketplaces that sit at sort of 4%, 5% of their own GMV. So we see significant upside there. We’ve got plans and very strong relationships with the brands across the industry. Clearly, the stock level as well to $5.5 billion. The relationships are strong and with record media income, they see our 3.9 million active consumers is very desirable to be in front of, and we would continue to see that grow.
