Gabrielle Rabinovitch : Yeah, maybe just to add a little more detail on kind of the trajectory of the year. I’d say just we’re focused on delivering a great year, and we think we’ve set ourselves up to do that. At the same time, to Dan’s point, we’re definitely not going to get ahead of ourselves so early on. I would point out some dynamics though, that we’re growing over in 2023 relative to 2022, which will make the first half of the year probably stronger from a revenue growth standpoint than the back half. That really relates to an expectation of Braintree deceleration. Braintree has had exceptional growth, and we have a great ramp of merchant volumes coming on this year with new merchants as well as additional volumes we expect to get from existing merchants.
At the same time, just given the exceptional growth we had last year, we do expect a little bit of decel into the back half. I’d also say, given the interest rate environment and how we’re currently positioned in our book, we’d expect the incremental benefit from the higher interest rate environment to benefit us more in the first half than the back half as we lap some of those benefits from last year. And so that would create a little bit of decel as well. And then finally, there were some pricing changes that we made in 2022 that were predominantly front-half loaded. And so we start to lap those as well. So just in terms of the shape of the year, I would expect a little bit of decel as we move into the back half.
Darrin Peller : That’s very helpful. Thanks Dan and Gabrielle.
Daniel Schulman : Yeah, you bet, Darrin. Thank you.
Operator: Our next question comes from James Faucette from Morgan Stanley. Please go ahead. Your line is open.
James Faucette : Great. Thank you very much. Dan, I’ll add my thanks, and looking forward to a last final year, man, so it should be fun. I wanted to ask quickly on the branded checkout point. It sounds like you feel like you’re kind of growing consistent with the market, if that’s accurate and what you’re seeing kind of early in the year? And perhaps more importantly, what are you thinking about in terms of when we can start to see some of the improvements impact, maybe share, but more importantly, engagement, et cetera, with the customer base. Thanks.
Daniel Schulman : Yeah. I think that’s an incredibly question. You saw probably in our investor deck, James, that our branded checkout volumes grew by 5% for the year, that’s lapping 23% in 2021 and 38% in 2020. And that really is following the shape of the e-commerce. Part of the reason why there’s questions around this and some mix commentary is that there’s no perfect data source for market share. Share obviously, for us, it varies by country, by channel, whether it’s mobile, mobile web, desktop and by merchant size, whether you look at large enterprise or small or midsize. And we look at everything that we possibly can and look at e-commerce growth around the world. And we look at 2022 — 2022 e-commerce growth is probably mid-single digits, maybe lower than that across the world.
