Jonathan Johnson: Yes, thank you both Adrianne and Dave. Look, fourth quarter AOV is usually lower than the rest of the year because of giftables, people tend to spend more on themselves than they do on others and fourth quarter is a gifting period. Customer Day was a win for us, we saw nice sales and we saw great mobile app adoption. I do think we’ll see people in the good, better, best category, trading down this year. We’ve seen it already in the first quarter and some of our Presidents Day sales. Looking not for that best product but for the product that they — best product they can afford for the money they are willing to spend a day which appears to be a little bit less than they were willing to spend in the past.
Operator: Thank you. And our next question comes from Seth Sigmund with Barclays. Your line is now open.
Seth Sigmund: Hey everybody. Thanks for taking the question. My main question is around profitability. I’m just wondering how you think about this in potentially a scenario where sales are down again this year? How do we think about the deleverage in the model given that a lot of tech and G&A expense has been fixed in the past? Obviously, Q4 is really well managed, but just trying to understand, sort of, the breakeven points and how to think about that? Thanks.
Jonathan Johnson: Yes, Seth, I appreciate the question. As I noted in my prepared remarks, we are committed to and think we can be profitable for the year. Given seasonality and other things, there may be a time during the year when we’re not. But we are always looking at our expense — our G&A and tech expenses and how we spend marketing. We did some right-sizing in late Q3 that I think helped us and have us in a better place today. We’re maniacal about expense control and that’s why I think that we can be confident as they will be profitable in the year. But you’re right, you can’t deleverage to zero and we’ve got to get sales back to grow. And that’s why you know, we have this go-forward strategy we talked about, we’re excited about that.
And we think it will make a difference. And while the first quarter sales are still shrinking, we’re confident that by the end of the year, we can get back to a place where it all makes sense. Adrianne anything you want to talk about it? Deleveraging is always a comfortable topic, but one worth discussing.
Adrianne Lee: No, Jonathan, I think that was well said thank you.
Operator: Thank you. And our next question comes from the line of Steven Forbes with Guggenheim Partners. Your line is now open.
Steven Forbes: Good morning. I wanted to focus on the active customer base given the first quarter to-date net sales trend. It appears Jonathan — you can correct me if I’m wrong here, that the expected quarter-over-quarter net customer loss remains elevated. So, I would love if you could start take a step back and maybe talk again about the initiatives that you have planned here to drive engagement and loyalty among the current base? And then also comment on your reactivation strategy, right, when you think about just how many lapsed customers there are over the past couple of years here? Any comment on how you’re thinking about reactivation opportunity in 2023?
Jonathan Johnson: Yes, Steven. Good question. Let me make an initial comment, then ask Dave to add some more color. I’m really excited about our new co-branded credit card with Citi. It allows us to treat more customers like Club O customers, and really Super Club O customers because they earn points they can spend on Overstock. Purchases — lots of places, not just Overstock. So, I think that’s going to create a more loyal customer, better repeat rates. It will also let us go out and engage with new customers who haven’t been with us before. A lot of efforts we’re making on retention and reactivation. Dave, you want to provide any more color?
