So our new core computer vision model that has over 1 billion-plus parameters has led to an 8% increase in visual search shopping relevance. So these are the kinds of things that we think we can do — that we think we’re already doing quite well in the balance of how to benefit from short-form video, driving gate from that but monetize it well, and we think there’s a lot more to come there. I hope that helps.
Colin Sebastian: That does. Thanks, Todd.
Todd Morgenfeld: Thanks, Colin.
Operator: Thank you, Mr. Sebastian. The next question is from Mark Mahaney with Evercore ISI. Please proceed.
Mark Mahaney: Hey, thanks. When you talk about sessions growing faster than users, can you provide a little bit more color on that? Is that users are spending more sessions, more time within the current categories that they’re interested in? Or is there any — is there evidence that they’re starting to look across different categories? That’s one question. Then the second one, just in terms of — you talked about meaningful margin expansion in 2023. I know in the past, you talked about non-GAAP OpEx growth in fiscal 2023 would be slower than in 2022. So I’m sort of hoping you could qualitatively or quantitatively talk a little bit more about what fiscal 2023 looks like. And does meaningful margin expansion mean a couple of hundred bps of EBITDA margin expansion? Anything else there would be really helpful. Thank you.
Todd Morgenfeld: Thanks, Mark. So a couple of things. We — when we say sessions, we’re looking at what we consider to be a meaningful engagement with the platform. So you’re not just coming here and bouncing, but you’re on for more than a minute in general. And so those are quality engagements largely from people on mobile application €“ mobile app and even more impressions and revenue opportunity from those sessions than what we have seen from kind of our web-based users historically. We’ve seen good engagement across a number of verticals, some of our core verticals. But we’ve also seen, as I mentioned in my script, that there are some areas where we’re seeing some cross-fertilization into some new areas. So I’m highly encouraged.
In fact, one of the things I called out was men’s fashion, which may come as a surprise to some on the call. We’re actually seeing some of that use case diversification into things like automotive, travel, which is something we started calling out as people went out and about post-COVID. And so to answer your question, yes, we’re seeing some use case diversification not only across our core verticals, but also into some emerging ones, which gives us a lot of confidence in the next journey toward use case diversification. On the non-GAAP margin, we had said a couple of quarters ago that we thought that could be around a couple of hundred basis points of margin improvement, and we’re committed to delivering that. It’s going to take us stepping down from where we were in the fourth quarter meaningfully in terms of year-over-year growth.
I think the year-over-year OpEx growth implied by my low double-digit sequential decline is probably in the low 20s on a year-over-year basis versus 40% growth from Q4. You should expect another big step down in the second quarter, another big step down in the third quarter and another big step down in the fourth quarter. So when you do the math on what that implies for the year, it’s not just a little deceleration from this year. It’s a complete reset.
Mark Mahaney: Okay. Thank you, Todd, and wishing you all the best going forwards.
