Ofer Katz: I will start by trying to address the first question maybe spend per buyer. And I think that it’s the first time on the history of Fiverr where we saw the second half spend per buyer declining comparing the first half. And I’m speaking about 2022. We saw decline of 3% in the spend comparing H1 where previously we have seen an increase of 8% from the first half to the second. But to continue this discussion, spend per buyer represents an average spend taking into account buyer who spend more than the average and of course less. To give some other point of data, I think we mentioned on the shareholders’ letter that buyer will spend more than $10,000 actually grow by 30%. Spend goes to high value buyer. Those who spend more than 500, they now represent 63% of the business comparing 59% a year ago.
So I think that in terms of our investment in go up €“ going up market initiatives in products, but also in marketing, we actually see a very good signal. But these are kind of offset by the SMB headwind on the long tail. And we land at approximately equal spend per buyer of 262. Now, when we look into next year I think at least at the beginning, we anticipate some tough comp because of last year. But going into the second half of the year, we expect acceleration on the spend per buyer. That’s what we see. And this is what included in our guidance.
Micha Kaufman: Yes. Thanks for the second question, Eric. So in terms of the macro improvement, giving our e-commerce model will benefit from the trends first and benefit the most. The fact that our underlying business fundamentals remains strong means we’ll see turn of growth trajectory very quickly. Much like we’ve seen the headwind first I think one of the first companies in the market to report it. In terms of investment, it gives us the opportunity to lean into marketing, of course. And also the opportunity to strengthen retention as well. And it also obviously supports our continuance of pushing long-term initiatives like fiber business.
Eric Sheridan: Thank you.
Operator: Thank you. We now have Doug Anmuth of JPMorgan. Please go ahead when you’re ready, Doug.
Doug Anmuth: Thanks so much for taking the questions. So just following up on the profitability you’d record quarterly EBITDA in 4Q and talked about being committed to the accelerated pace of margin expansion this year. Can you just talk about some of the key drivers and factors here on what’s still muted, but improving revenue growth through the course of the year? And then also just related to Eric’s question, what are those key investments that you still need to make this year kind of within that construct of the accelerated pace of margin expansion? Thanks.
Ofer Katz: Hey, Doug. So I think it’s all start with discipline and the impact of the cost reduction plan that we did mid of last year, which is now has a full implication on the P&L for this year. No, this kind of discipline go all the way from operational expenses to headcount to marketing efficiency. In terms of future headcount reduction, there isn’t any plan for additional headcount reduction throughout the year. Yet to be said, and if you go back to the way we manage OpEx in the last few years, we realized this is a dynamic business and we respond. We are committed to EBITDA as guide whether we meet the guidance or whether there is some tough or more intensive headwind. So I think that we do have some flexibility in the business and the discipline here is high enough for us to see the confidence.
