Andrew Boone: Thanks so much for taking my questions. I’m going to try three. So can you talk about the cohorts for 2023? How should we think about just the stabilization there? Is it €“ in real time, is it now kind of at a level where you expect that to be steady going forward? You’re investing in TV in Germany. Can you provide a real-time update on Europe and anything you’re thinking about there? And then lastly, we heard a little bit less about Fiverr Business this quarter. Is there any update that you want to provide there? Thanks so much.
Ofer Katz: So I will start with the cohort and distinguished cohort into old cohort, newer cohorts and future cohort and what is included in the guidance as a kind of reference. So old cohorts, which experienced the uplift as the COVID also experienced the headwind of the macro change, beginning of last year. There are still spending more than pre-COVID, but less than what we’ve seen at the top of the COVID. These cohorts are stable and we anticipate them to be loyal and continue to spend in Fiverr as they need more financial services. The cohort who joined us during the COVID period didn’t enjoy the uplift. Hence, the retention is a little bit lower. And this is kind of the model as we predict new cohort into the foreseeable future.
So that our model was always €“ when we guide is always to guide based on what we know. And what we know as of now is what I just said in terms of retention and behavior. And this is €“ give us a fortunate of opportunity because we do believe the macro will rebound at some point. And in fact, even with this kind of behavior, we are still profitable, very strong PR, ability to acquire, and we think that there is a lot of underlying assets here that will mature when some time and bring us to the next level. But in terms of what we’re seeing on cohort and what we anticipate the things, I think that’s kind of the picture of this kind of what we are seeing now.
Micha Kaufman: Andrew, let me address the question about Germany and Fiverr business. So in terms of the investment in Germany, we’re more focused in our international expansion this year. So we’re focused on Germany in the non-English market and UK in the English countries. We did work around transition in the past years. And now it’s more about growing local audience and providing product optimizations that are tailored to the local customers and their purchase preference and demand. And we continue to invest in brand and awareness. We mentioned a few campaigns and PR activities we did recently in our shareholder letter, so I’m referring to more details there. In terms of Fiverr Business, I think I’ve addressed that in previous question.
I’ll expand maybe and say that Fiverr Business is where we continue to push the going upmarket strategy. We’re leveraging the market-based traffic and user base. And as I’ve mentioned, there is work done around customer segmentation to identify those high potential customers and it builds those conversion tools around those customers. And I briefly mentioned the fact that we’re building external partnerships, which we believe can open up channels and build specific use cases with partners. And I said that we’ll be happy to provide more information about that, hopefully, in the second half of the year. I would maybe close by saying that Fiverr Business continues to be a focus and priority for us. There’s lots of investment going into it. And we’re seeing strong early signs and with continued robust growth in large wallet customers.
