Nir Debbi: As we mentioned, hi Josh, it’s Nir. As we mentioned earlier, we did see the growth rate slightly lower Q3 and the beginning of Q4 than what we’ve seen previously. However, we do see our merchants continue to grow. The merchants are still growing. We don’t see a decrease. We can see specific regions that are trading slightly lower on year-on-year. But overall for merchants we do see, and this is where we differentiate from regular merchants our global reach, making it I would say a variant, but we do see on the overall aggregate of it, we do see a positive effect. So regardless of different regions trading lower, we do see a stronger effect. For us, what we see and mainly in the U.S., when you look at U.S. domestic, the shoppers in the U.S. actually see global shopping cheaper.
Because of the strength of the USD, it’s cheaper for them to source externally and is more than 50% of our sales are coming from merchants outside the U.S. It’s actually growing for us. So U.S. still looks very solid on the aggregate for Global-e due to the strength of the consumer spending, due to the weakening of the currencies in other regions.
Josh Beck: Okay, very helpful. And then maybe a follow-up on Shopify. We had some constructive updates there. I think there was an acceleration in the go-lives on the direct side. You know is that something that you think can be more material to revenue. You know I respect that you may not disclose that, because that’s obviously one partnership. But is that something that we should be thinking about kicking into the model next year? You know is it more of a multiyear opportunity? How should we be framing that in our heads?
Nir Debbi: Our current expectation, and we haven’t finalized the budgeting for next year with Shopify, but we do expect that for us, Global-e, there will be a positive effect as of Q3 and with building up of the demand for the white label solution. However, we do believe that on the growth rate, on the overall company growth rate, the main effect would come only in 2024 onwards, as the bulk of merchants I would say launch some time and start-only sometime within late Q3, late 2023 and affect our 2024 growth rate.
Josh Beck: Very helpful. Thank you, Nir and team.
Amir Schlachet: Thanks Josh.
Operator: Thank you. Our next question is from the line of Pat Walravens with JMP Securities. Please proceed with your question.
Pat Walravens : Oh, great! Thank you. So as I look at next year, and I heard you haven’t finalized it yet, but the consensus is at 606 and the midpoint of your new guidance is 407, so that’s like 49% growth. It seems like a lot. So I just thought maybe this would be a good opportunity to comment a little bit about what’s a reasonable expectation for people to have for next year?
Nir Debbi: As we said, although there are obviously some headwinds and a lot of volatility, the segment that we focus on, which is cross-border and even more important, the direct-to-consumer is still growing very, very fast. We expect to continue the fast growth into next year and we think that taking into account the fact that the market is huge and we are just starting to tap into it, we will be able to grow fast for the next few years and then this is our target.
Pat Walravens : Okay. That’s great, great, super helpful. And then just very roughly on the FX impact. So if I look at Q4, the consensus previously was at $150 million. Midpoint of the guidance now is around $138 million, so that’s like a $12 million delta. Is it fair for us to assume that’s basically $6 million of FX and $6 million of that one-merchant being delayed, is that about right?
Nir Debbi: As a ballpark direction, I think you’re not far off.
Pat Walravens : Okay great. Thank you.
Amir Schlachet: Thanks Pat.
